The dollar closed the penultimate week of May rising and approaching 3,900 pesos

The price of the dollar in Colombia closed the week of May 20 to 24, 2024 rising and approaching the barrier of 3,900 pesos, after a few days in which it was close to dropping below 3,800 pesos.

This Friday, The currency started the day at 3,865 pesos and closed at 3,873. Other values ​​that were traded during the day were 3,843, 3,845, 3,850, 3,872, 3,880, 3,890 and 3,896 pesos.

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What it did surpass the 3,900 barrier was in intraday trading, since The maximum value this Friday was 3,909.15 pesos. The minimum, for its part, was 3,842.20 pesos.

In the end, the average trading price of the dollar was 3,877.91 pesos, 40.33 pesos more than the Representative Market Rate (TRM) of the day, which was 3,837.58 pesos.

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Compared to the TRM at the beginning of the week, of 3,832 pesos (on Monday, May 20), the currency closed with a gain of 45.91 pesos.

Although it had a lower TRM of 3,814, one of the lowest of the year, the dollar recovered and rose. And this weekly behavior was a reflection of what has been the entire year: a very volatile currency, with notable rises and falls.

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Likewise, as of May 24, the dollar had appreciated 0.41% with respect to the Colombian peso. Nevertheless, In the last year (from May 2023 to May 2024) it is the national currency that has been revalued: 14.75% against the ‘greenback’.

Regarding the behavior of the dollar in the year, Juan Camilo Gómez, director of foreign exchange at CreditCorp Capital, He explained that, during the first half of the year, the currency has been impacted by market challenges.

“The challenges for the dollar are more posed by international market forces and commodity variables, but in the second half we have some important challenges at the local level that may cause some setbacks in the dollar again. What can they be? The Government’s social reforms and the economic growth report, among others. The latter is important because we come from a couple of quarters with a low growing economy and income via taxes has fallen mostly due to inflation.“, he valued.

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Looking to the future, The expert predicted a TRM of the dollar at 3,954 pesos.

CAMILO HERNÁNDEZ M.
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