On the last business day of this week, significant movements have been recorded in the local currency market in Colombia, with the price of the dollar surpassing $4,400. These figures reflect the upward trends of recent days and the strengthening of the US currency in international markets.
According to data provided by our local Stock Exchange, the average price of the dollar stands at $4,411, representing an increase of 52 pesos compared to the current Representative Market Rate (TRM), which is at $4,359.
In today’s trading session, we have observed that the maximum price of quotations reached $4,432, while the minimum remained at $4,380.
This strengthening of the dollar is part of an international context in which the US currency has gained ground, partly motivated by the recent announcement by the US Federal Reserve regarding the increase in interest rates. This measure has raised concerns related to inflation and the possibility of a recession, leading central banks to maintain high-interest rates for an extended period.
Furthermore, the decrease in oil prices has exerted an additional influence on the strength of the dollar, given the historical correlation between the trading of foreign currency and commodity prices.
According to expert projections from the latest Monthly Survey of Expectations (EME) by the Bank of the Republic, it is expected that the TRM will remain within a range of $4,395 to $4,495 by the end of 2023.
The evolution of the exchange market warrants close monitoring as it has a significant impact on the local economy and business sectors engaged in international trade activities.
We will continue to closely monitor these developments and provide updated information regarding their influence on our business and financial environment.