Dollar price plummeted in Colombia after elections; fell $50 this Monday
What seemed like a week destined for volatility ended up starting with a positive surprise for the Colombian peso. The dollar closed the day d...
TL;DR
- The dollar closed lower at around $3,745, a drop of $50.55 against the Market Representative Rate.
- The market reacted positively to the results of the March 8 legislative elections, interpreting them as signs of a balance of power.
- The performance of 'La Consulta por Colombia' and a divided Congress were seen as positive by investors.
- The Colombian peso, previously the weakest emerging currency, became the strongest after the election results.
- Global factors such as high oil prices (over US$119 per barrel) and inflation continue to pose risks and create market volatility.