Business

Colombian peso update – Wednesday, March 14

posted by Toni Peters

Peso

The Colombian peso weakened against the dollar Wednesday closing at 1,765.10 compared to 1,758.50 the day before.

According to Bloomberg the drop is due to increased confidence that the United States will not begin a third round of bond buying — which would further reduce the value of the dollar — following the Federal Reserve’s improved assessment of the U. S. economy.

Daniel Escobar, the head analyst at Global Securities brokerage in Bogota told Bloomberg “The improved outlook for the U.S. economy makes the dollar stronger compared to other currencies and it has affected the move in Colombia’s peso today.”

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