Unlike the previous close, the US currency closed the day of November 18 down close to $5,000. The dollar ended at an average trading price of $4,995.1226.91 pesos less than the TRM of the day, which was $5,022.03
At 8:33 am on Friday, the dollar was quoted at $4,958.07, 63.96 pesos below the TRM of the day, and at 11:15 am it reached $4,996.79.
According to the Stock Market, the foreign currency reported an opening price of $4,960.15and is now trading at a maximum price of $5,022 and a minimum of $4,948.
(Bonanza in exchange houses and more purchase of dollars: truth or lie?).
Has the price of the dollar been overvalued?
Experts agree that foreign currency has been falling globally because inflation in the United States, for October, was lower than what the market expected.
In fact, the indicator that measures the cost of living, in the North American country, took a breather last month and fell to 7.7% annually from 8.2% registered in September. This was revealed by the Bureau of Labor Statistics (BLS, for its acronym in English).
(Is there a legal way to get cheaper dollars?).
“The dollar in Colombia was overbought, it is natural for it to fall since the assets ended do not usually have a linear behavior. In addition, it has been falling due to the fact that inflation in the US fell more than what analysts were expecting, which which reduces pressure on the Federal Reserve (Fed, for its acronym in English) to continue raising the interest rate sharply“said Juan David Ballén, Director of Analysis and Strategy at Casa de Bolsa.
Along the same lines, Jeisson Balaguera, CEO of Values AAA and professor at Universidad Ean, assured that: “What the market reads is that the measures that the Fed is taking, in relation to the increase in interest rates, are working Which, in turn, implies that next year the Fed would start lowering rates, which causes more dollars to be in the market and the price of these is controlled or begins to decrease.”
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