The price of the dollar continues to rise and is very close to its historical highs

Affected by what is happening with oil prices, the dollar in Colombia continues to rise on Thursday, June 30, very close to the historical high levels reached in 2020.

According to the Colombian Stock Exchange, At the moment, this coin is reaching a maximum price of 4,178 pesos with 90 cents, which is 58 cents more than its opening value for the day, which was located at 4120, and 51 above the representative market price for the day.set by SuperFinanciera, at 4,127 pesos and 47 cents.

This is the second highest dollar record hit in its history, just below 4,230 pesos reported on March 19, 2020. Thus, this cap exceeds 4,167 pesos on March 16, and 4,168 pesos 85 cents from March 18. in the same month.

similarly, The last average price seen for this day is 4149 pesos with 98 centsis in the midst of a strong uptrend, with its lower levels remaining the same at the opening.

These prices come today in response to the drop in oil prices that was recorded on Wednesday, when they fell, in a market affected by the loss of momentum in demand in the United States in the middle of the summer season.

Thus, the price of a barrel of Brent from the North Sea for delivery in August lost 1.45% to $116.26 in London. The barrel of West Texas Intermediate (WTI) for August delivery fell 1.77% to $109.78 in New York.

Gasoline demand shows signs of exhaustion in the last 15 daysAlthough the travel season has begun in the United States. In the past two weeks, gasoline consumption has not reached 9 million barrels per day. Analysts cite the possibility of a drop in gasoline consumption amid record prices at service stations.

It is worth noting that the price of the dollar in Colombia is directly related to oil prices. If this decreases, the value of the US currency rises due to the lack of dollars in the market, while if crude oil rises, its price tends to decrease.

Well received Ministry of Finance

The announcement of the arrival of José Antonio Ocampo to the Ministry of Finance in the government of Gustavo Petro, which will begin on August 7, came very well among the various unions, analysts, experts and productive sectors of the country; who highlighted his experience and his path and highlighted that he knows the subject well.

Bruce McMaster, president of Andi, praised Ocampo’s appointment He assured that the financing portfolio is in good hands.

According to the executive, the appointment is “undoubtedly a good sign because he is someone who knows Colombian economics and public finance and is one of the most important economists in Latin America.”

For his part, Jaime Alberto Cabal, President of the National Traders Federation, said, He stressed that this character is a sign of calm for everyone, because he rules out making major changes in the country’s production model at the moment.

We hope that Minister Ocampo will lead a balanced tax reform that ensures the sustainability of the country without taxing the national production sector. Likewise, its openness to listening and agreement with the various political and economic sectors of the country will be essential in managing the financing portfolio”, emphasized Jaime Alberto Cabal, President of Fenalco.

Another speaker who spoke was the former Attorney General of the Nation, Fernando Carrillo, He confirmed via his Twitter account that Ocampo is “one of the best economists in Latin America”.

Among the challenges that Ocampo faces with the arrival of the new government is to seek, before the end of the year, the approval of the tax reform and national development plan proposed by Gustavo Petro and his team. Regarding reform, Carrillo added: “He is clear about the social reform that Colombia needs. It will do so without extremism and with fiscal responsibility.”

*With information from AFP.

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