Weight vs. dollar: Colombian currency was revalued at $161.50 in January

During the first month of the year the dollar in Colombia fell $161.50, with a Representative Rate (official dollar) for this Wednesday of US$4,648.70, that is, $16 above the previous data.

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The revaluation trend placed the peso as one of the currencies that strengthened the most against the dollar in January, with 3.36%.

This Tuesday, January 31, operations returned to their average volume of US$1,114 million.

The evolution of inflation and the decisions of the Fed (central bank) in the United States will be key in the dynamics of the peso against the dollar in the coming months.

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An analysis by Bancolombia says that if inflation shows signs of consistent convergence and this reduces the need for increases in federal funds interest rates, in addition to consolidate the perspective of rate cuts during the second half of 2023, this would be consistent with a scenario of relative strength of the greenback, which would allow us to maintain an exchange rate vision close to $4,700 at the end of the year.

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For its part, the main stock index of the Colombian Stock Exchange, the MSCI Colcap rose 0.31% during January. The stocks that rose the most in the month were Mineros (19%), Éxito (11.7%) and ETB (10.2%).

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On the other hand, those that fell the most were El Cóndor (-26.9%), preferential Grupo Argos (13%) and Cementos Argos (11.1%).

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