2024-10-01 22:02:28
The devaluation, of 0.55%, is the result of several factors, such as the trucker strike at the beginning of the month.
In September 2024, the Colombian peso stood out as the only currency among the main Latin American economies that suffered a devaluation against the US dollar, according to the monthly currency ranking carried out by Valora Analitik. During the ninth month of the year, the Colombian peso registered a devaluation of 0.55%, contrasting with the appreciation trend observed in the other currencies of the region.
In the same period, the Brazilian real led the revaluations with an increase of 2.88%, followed by the Chilean peso, which appreciated 1.62%. For its part, the Peruvian sol registered a appreciation of 1.09%, while the Mexican peso, although with a more moderate increase, also showed a revaluation of 0.16%.
A turbulent September
The behavior of the Colombian peso in September was marked by significant fluctuations, starting the month with a downward trend. On September 2, the dollar was trading at $4,170 on the Next Day market, due to a holiday in the United States. However, this trend quickly changed when, on September 3, the dollar surpassed the $4,200 barrier, influenced by the start of a trucker strike in the country, a situation that revived uncertainty in local markets.
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During the following days, the currency continued to depreciate, reaching a maximum of $4,302 in the middle of the month, a figure that had not been recorded since October 2023. However, towards the end of the month, the Colombian peso experienced a partial recovery, reaching to a low of $4,117 in the last week.
Outlook for the end of the year
According to the most recent survey carried out by the Bank of the Republic, the market expects the dollar to end the year at an average of $4,108, a figure that exceeds the previous expectation of $4,044. For September, the forecast was for the dollar to close at $4,191, once again approaching the $4,200 barrier.
This panorama leaves the Colombian peso in a complex position, in a global economic environment characterized by uncertainties and volatility, while the rest of the main currencies in the region have shown resilience against the dollar.
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