Price of the dollar in Colombia today, March 7: exchange rate and value in Colombian pesos
For Tuesday, March 7, 2023, the price of the dollar in Colombia was quoted at 4,734.42 pesos according to the figures presented by the Bank of the Republic, which is the entity in charge of controlling all monetary movements in the country. For today, the Market Representative Rate (TRM) had a drop of 46.47 pesos compared to the rate reached during last Monday and the weekend.
During around 9:15 in the morning, the behavior of the dollar market during the day reached a value of 4,687.02 pesos, which implies a drop of 47.4 pesos in relation to today’s TRM. In fact, the dollar today reached its lowest price in the last four weeks, which means that in exchange houses in Colombia, the US currency can be sold for 4,570 pesos and bought for 4,410 pesos.
What has been the behavior of the dollar in the last week?
Since last Tuesday, February 28, the dollar today reached its lowest price in relation to its fluctuation during the week. On March 7 of last year, the US currency had a value of 3,806.11 Colombian pesos, which represents a devaluation of 24.39% for the Colombian currency. A month ago, however, the dollar was quoted at 4,776.25 pesos, which indicates a slight drop of 41.83 pesos compared to last month. During this week, the TRM fluctuated as follows:
Why is the price of the dollar falling?
On November 7, 2022, the dollar reached a figure of 5,061.21 Colombian pesos, an increase never seen before in the history of Colombia.which placed the Colombian currency as the second most devalued in the region, surpassed by the Argentine peso, according to Bloomberg Cabe.
However, during this year, the dollar has shown slight falls in response to the decrease in interest rates in the United States. “What there is currently is a low volatility in the price of the dollar. You can see that it is much more stable because it shows a clearer trend. That is a very good factor in the case of Colombia.”, assured Nicolás Escobar, professor of macroeconomics at the University of Colombia, in an interview for the Más Colombia medium.