After closing a September in which, until now, Representative Market Rate (TRM) prices highest so far in 2024, the dollar in Colombia October started very strong and fired: It has already been negotiated above 4,200 pesos.
(See: Leonardo Villar was re-elected for a new period as manager of the Issuer).
This Tuesday, October 1, the currency opened at 4,195 pesos and has also been traded at 4,190, 4,200, 4,202, 4,210 and 4,213 pesos, among other values.
For now, The maximum value that the currency has reported has been 4,242 pesos and the minimum, 4,183.50 pesos.
At 10:30 am, the average trading price of the currency was 4,220.74 pesos, 42.44 pesos more than the TRM of the day, which is 4,178.30.
(See: Banrep lowered rates to 10.25%: the details of its decision).
Dollar
Dollar movements
The dollar has already completed a growth of 9.32% against the Colombian peso so far in 2024. And its valuation in the last full year has been 3.07%.
In addition, the moving average of the currency in the last 20 days has been 4,194.34 pesos.
The dollar has had growth in 2024, after 2023 was a positive year for the Colombian peso and began with a TRM below 3,900 pesos.
(See: How the rise or fall of the dollar affects the Colombian economy).
For now, September has become the best month of the year for the ‘greenback’: During the ninth month, it registered the highest TRM of 2024, which was 4,285.61 pesos, on September 11.
Likewise, two and a half months of not having a TRM below the barrier of 4,000 pesos have already been completed. The last time it occurred was on July 17, with a figure of 3,977.63 pesos.
For Juan Camilo Gómez, director of foreign exchange at Credicorp Capital, the currency’s ranges below 4,000 pesos seem far away.
“They look far away because let’s say that macroeconomically Colombia’s tax collection numbers and fiscal pressures are generating a lot of pressure. For now, we could be in a range, in the short term, between 4,100 pesos and 4,300 pesos. If it arrives to be below those 4,100 pesos would be due to very good purchasing levels,” he explained.
(See: How much the Colombian economy has grown in the last 6 presidential terms).
And he added: “In conclusion, the price of the dollar is a little higher due to the macroeconomic situation, which, let’s say, has deteriorated: it is not serious, but it has deteriorated, so the price has risen.”
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