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The exchange rate started the day down more than $ 20, but rebounded and closed down from $ 15 to $ 3,491
During the first session of the week, as this Monday was a public holiday in the United States for Martin Luther King’s Day, the dollar in Colombia started to decline by more than $ 20 to $ 3,454.
However, after a few minutes, the currency started to recover and ended up rising from $ 15 to $ 3,491.
Despite volatility, the Colombian peso has strengthened as investors continue to show interest in emerging markets.
The peso has also felt the effect of crude oil extraction: only this Tuesday, Brent oil, the reference used by Colombia (Ecopetrol), is up 1.19% above $ 55 a barrel.
Last Tuesday, however, a report from the International Energy Agency was released explaining that it will take more time for oil demand to recover, although it highlights a better outlook for the sector.
“The global deployment of the vaccine is improving the fundamentals this year, with supply and demand growing after the unprecedented collapse of 2020,” the IEA said in its report. For this reason, world demand now forecast for 2021 is 96.6 mbd (+5.5 mbd).