The price of the dollar in Colombia today, July 11, 2022 – the financial sector – the economy

The dollar continues to rise in Colombia. After reaching the maximum price of 4,438 pesos last week, the US currency closed the day with an average price of 4,513.69 pesos, which is an increase of 125.42 pesos compared to the representative market price, which is today 4,388.27 pesos.

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Regarding the maximum reached, according to the Set-Fx platform, The price initially reached 4,501 pesos, then rose to 4,512.50 pesos, and eventually reached 4,580.00 pesos, the highest level ever recorded in the country’s history.

The dollar’s strength coincides with the fear of a global recession amid rising interest rates in an attempt to control inflation in all countries.

For example, the US central bank (the Federal Reserve) has already begun raising interest rates, which analysts say could push the world’s largest economy into recession.

Meanwhile, the price of Texas Intermediate (WTI) oil opened on Monday down 3.5 percent to $101.10 a barrel, continuing its volatility last week as fears of a possible recession imposed on lower demand for crude oil.

For its part, Wall Street opened in the red and its main index, the Dow Jones Industrial Average, fell 0.47 percent, moving away from gains accumulated last week and preparing for the second-quarter earnings season.

Who benefits or harms?

The appreciation of the dollar has the potential to affect the prices of imported goods, which today represent about 15 percent of the Colombian family basket.

Foreign investment will be another affected, because the uncertainty with this panorama makes foreign companies cautious when investing in the country, affecting job generation in Colombia.

On the other hand, the rise in the price of the dollar benefits the exporting companies, because they get income in dollars and increase their purchasing power in pesos. Similarly, for those who earn in dollars or euros and have expenses in Colombian pesos.

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