The price of the dollar in Colombia is averaged at a level of $ 3,900. This is no surprise, since so far this year the American currency has been losing ground in response to several internal and external factors.
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According to the Bloomberg Dollar Spot index, so far from 2025, the green ticket accumulates a depreciation close to 8%. To get an idea of that sustained behavior, The currency started the year at $ 4,409 and on its last quotation day (September 12, 2025) closed at average price of $ 3,906.
Diego Franco, Chief of Investments of Franco Asset Management, explained that the bearish trend of the dollar value responds in part to the capital entrance and, in the punctual case of the national territory, to the opportunities that it has as a destination for investment.
“The market is committed to a Federal Reserve (Fed) that lowers interest rates and that has basically caused the foreign capital to migrate and look The expert explained.
In the last month, the American currency saw its profits cut due to the results of the labor market. This has also been beaten by The macroeconomic decisions of President Donald Trump Around foreign trade policies and the pressure on the Fed for accelerating the cuts in its reference rate.
From an internal perspective, Julio Enrique Duarte, dean of the Faculty of Economic and Administrative Sciences of the University of San Buenaventura (Bogotá headquarters), explained that the movements of the green ticket have also been associated with the behavior of inflation. While the annual CPI was 5.10% in August, The data remains well below 2024, which has allowed a less restrictive bias in expectations.
Along the same lines, the moderate policy that the Bank of the Republic has influenced. To date, the sender keeps interest rates at 9.25%. According to the Dean, this differential, favors portfolio flows to Tes and Cop (Carry), supporting the local currency.
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Who wins and who lose?
With a dollar about $ 3,900, There are those who benefit as those who lose.
On the winners’ side, Duarte said that in that list they are importers and retail sector, Since with a currency at that price external purchases are reduced, margins are improved and there is an opportunity to lower prices. Airlines and broadcasive tourism also appear there, because not only less costs are generated in Dollarized Leases, Maintenance and Fuel, but those who travel abroad can make it cheaper.
Franco, meanwhile, added that Other beneficiaries include who have floating educational creditsbecause they would be paying less for the same value that the loan acquired, and the nation, because a lower dollar translates into a stronger exchange rate.
However, he clarified that “We need the dollar to remain at least about 3 to 4 months in that lower part so that the benefits are really translated immediately. Because for a day or week the translation of benefits is very difficult.”
On the side of who lose with a low dollar, the dean of the San Buenaventura stressed that there are the exporters of low differentiation, which They receive less weights for each dollar if they do not adjust pricesremittance receptors and fiscal income tied to oil.
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Where does the dollar go
In the case of Franco, the expert said The green ticket is expected to remain below $ 4,000. But, this prognosis is tied to several approaches such as that eventually the global weakening of the currency and that there is a change of political tendency.
Duarte, in contrast, indicated that the median exchange rate as of December of this year is between $ 4,150 and $ 4,290, According to recent June -August. That is, the consensus sees a dollar somewhat above $ 4,000 at the close, not necessarily in current minimums.
The above would be subject to the Bank of the Republic starting to apply gradual cuts in its rates, that inflation is established around 5% in the short term and a higher fiscal deficit.
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Jessika Rodriguez M.
Portfolio journalist
