Colombian Peso Slides: Dollar dips Below $4,400
The Colombian peso experienced a downturn this past week, with the U.S. dollar trading at its lowest point in recent days. As of Sunday, January 5th, 2025, the representative market rate for the dollar in Colombia settled at $4,355.51, according to the Financial Superintendence of Colombia. This marks a slight decrease from the previous day’s closing price of $4,354.90, issued by the Bank of the Republic.
| Date | Dollar Price (COP) |
|---|---|
| Sunday, January 5 | $4,355.51 |
| Saturday, January 4 | $4,355.51 |
| Friday, January 3 | $4,410.50 |
| Thursday, January 2 | $4,409.15 |
| Wednesday, January 1 | $4,409.15 |
| Tuesday, December 31 | $4,409.15 |
| Monday,December 30 | $4,401.98 |
| Sunday, december 29 | $4,401.98 |
Dollar Projections for 2025: Uncertainty Remains
Despite the U.S. Federal Reserve’s interest rate reduction in 2024, the global currency market remains uncertain about the dollar’s trajectory. Strong economic growth in China and Europe adds to this unpredictability. The market is grappling with the lingering effects of past economic policies and global events.
Alejandro Guerrero,senior associate of Foreign Exchange at Credicorp Capital,offered insight to Portafolio,stating,”From a technical point of view,we would expect levels of dispersion between the $4,100 area as a floor,ceiling $4,750 and that the pair could be closing and operating on average in the year at $4,500.”
The recent drop below the $4,400 threshold in Colombia has led to exchange houses selling the dollar for approximately $4,240 and buying it for around $4,100. Though, these prices can fluctuate depending on location and specific exchange bureaus.
The fluctuating exchange rate between the Colombian peso and the U.S.dollar has significant implications for both Colombian and U.S. businesses involved in international trade and investment.The volatility underscores the interconnectedness of global economies and the impact of various economic factors on currency values.
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