The value of the U.S. currency closed negotiations at an average of $4,636.84, representing an increase of $17.06 from the representative market rate (TRM), quoted at $4,619.78.
This average indicator confirms that a new historical maximum in the national reference rate, since before, the max value was $4,617.61 on October 7.
This price of the currency also confirms the historical devaluation of the Colombian peso as it had never been below that depreciation before.
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The opening price of the coin was $4,555 while the minimum price was $4,548.25.
According to the Set-FX platform, trades have been made for: USD1,052 million by means of 2,416 transactions.
Regarding this upward behaviour, Juan David Ballén, Director of Analysis and Strategy of Casa de Bolsa SCB, emphasized that at the local level the US currency has strengthened following the statements of the national government on the management of macroeconomic policies. country.
He added that among those comments are the Bank of the Republic’s management of monetary policy, the control of prices and the ban on oil exploration.
Henry Amorocho, professor of public finance in the Jurisprudence Faculty of the Universidad del Rosario, in turn claimed that the volatility environment will be almost constant at this point.
“The market is nervous and there are winds of expectation that are not positive in many parts of the world,” Amorocho told EL HERALDO.
He added that the United States has taken on the arduous task of imposing high interest rates on itself to contain inflation, which has created many problems not only in that country, but also in other countries, including Colombia.
“Inflation has not delivered the expected results and the Fed is expected to continue to attack with high interest rates,” the analyst explains.
Amorocho indicated that the expected response from the Fed to higher interest rates will spark expectations of devaluation of the Colombian peso, which is why the market has started generating trends felt throughout the day.
“What is actually being generated is the gradual introduction of an approach to recession in Colombia,” Amorocho noted.
Jeisson Balaguera, director of Values AAA, explains that many pesos are converted to dollars, mainly because of the rise in US interest rates: “There are investors who have preferred to go to these countries for future economic stability and refuge in these developed countries, the dollar’s new resistance is likely to be $5,000 in the near term,” Balaguera said.
Source: El heraldo
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
