The price of the dollar in Colombia has skyrocketed in the second half of 2024, leaving behind values below 4,000 pesos and strengthening above 4,300 pesos and 4,400 pesos.
The last time the currency registered a TRepresentative Market Handle (TRM) lower than the barrier of 4,000 pesos was on July 17, with a price of 3,977.63.
(See: The perfect storm that is being generated for the peso in Colombia).
From that moment on, the only thing it has done is rise, with some falls, but always above 4,000 pesos.
Between July and November, the ‘greenback’ has gone through various TRMs: 4,089.05, 4,136.27, 4,160.31, 4,185.82, 4,278.28, 4,293.91, 4,316.73 and 4,475.57 pesos, between others. The highest, so far, has been 4,478.21 pesos, last Thursday, November 14.
Regarding the average, month by month, in the second half of the year, the Banco de la República has reported the following figures:
– July 2024: 4,036.80 pesos on average in the month.
– August 2024: 4,062.98 pesos on average for the month.
September 2024: 4,191.86 pesos on average in the month.
October 2024: 4,257.76 pesos on average for the month.
(See: How is the dollar expected to open in Colombia in 2025? This is the AI forecast).
For the last week of November (from the 25th to the 29th), it opens with a TRM of 4,418.58 pesos and it is expected that the negotiations will remain in that range, perhaps falling below 4,400 pesos, but remaining above 4,300 pesos.
Dollar.
The experts’ analysis
For Juan Camilo Gómez, director of foreign exchange at Credicorp Capital, prices have been impacted by national news: “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“.
He also highlighted that international situations and the presidential election in the United States, with the victory of Donald Trump, impacted the market.
(See: How much will the dollar reach in Colombia at the end of the year? This is what experts say).
He also stated that Thinking about a dollar below 4,000 pesos seems far away: “Macroeconomically, Colombia’s tax collection numbers and fiscal pressures are generating a lot of pressure.”
Felipe Campos, investment manager of Alianza Valores y Fiduciaria, For his part, he highlighted the devaluation of the Colombian peso, which has been accelerated since June, in line with the regional crisis that affects countries such as Brazil and Mexico, whose currencies have devalued more than 15%.
Internationally, experts say that central banks must be attentive to the strengthening of the dollar.
Matthew Weller of Forex.com he told the agency AFP that “the strength of the dollar is a fact that global central banks must consider”, since It has an effect on their economies.
(See: Dollar price: the effects of its rise on interest rate decisions).
CAMILO HERNÁNDEZ M.
Digital Portfolio Editor
