The price of the dollar in Colombia closed this Tuesday, July 19, with modest gains and far from its all-time highs of last week, following a day in which fear of what might happen to the United States economy continues to reign among the investors, while the authorities continue to take action on the matter to curb inflation.
At the close of operations, the Colombian Stock Exchange reported that this currency closed with a last price of 4,322.60 pesos, which is just 7 pesos above the Representative Market Rate set for today by the Financial Superintendence, which was at 4,315 pesos and 41 cents.
Likewise, this final value is 17 pesos above the closing figures for yesterday, Monday, when the US currency also fell and was over 4,305 pesos with 65 cents, 17.35 below the TRM at that time. With these results, despite breaks the downward trend that it had since last Wednesday, the dollar in Colombia shows no signs of returning to its historical highs soon.
In other values delivered for today by the BVC, the US currency registered an average price of 4,304 pesos with 72 cents and a maximum of 4,346.70. The most significant report of this day was at the minimum level that marked during the day, which was 4,280 pesos, reaching the 4,200 barrier for the second consecutive time.
Undoubtedly, the results of the dollar for the first two sessions of this week are very different from those of the immediately previous one, when it exceeded the barrier of 4,600 pesos and broke the maximum value it imposed on the market on at least seven occasions.
The growing inflation, the volatility of oil prices, as well as the fear of a recession in the United States -which, although it does not sound as strong as before, still remains-, These are the factors that are currently influencing the marked variations that this currency has shown.
In the midst of all this, it must be borne in mind that even if it does not go through a good time, the US economy is one of the most solid in the world, which is why the dollar is considered as a refuge asset for times of crisis like the one we are currently experiencing, and the growing demand is also causing its price to rise.
Nevertheless, the recent results in terms of inflation in this countrywhich are currently at 9.1% (the highest in the last 40 years), once once more aroused fear among investors, who will now wait for the decisions to be announced by the Federal Reserve.
What do the experts say in Colombia?
According to the Financial Opinion Survey for July, revealed today by the Foundation for Higher Education and Development (Fedesarrollo), analysts expect this currency to continue rising and to be at the end of this month very close to 4,500 pesos and over 4,200 for December.
“Analysts expect the Representative Market Rate to be between $4,365 and $4,546 for July with $4,495 as the median response. Likewise, they foresee a TRM of $4,200 as of December 2022 ″, said Fedesarrollo in his report.
These results show a clear upward trend, as for June, the experts’ expectations were between $3,846 and $3,976 with $3,885 as the median response.
Likewise, they foresee a TRM of $3,820 in December 2022. However, we will have to wait for what may happen in the following weeks and the reactions that occur in the United States and Europe.
