The US currency has been bearish so far this year, but opened yesterday at an average of $3,791.69, representing an increase of $35.05 over the Representative Market Rate. As the day progressed, its value continued to rise with approximately US$9.7 million traded in 28 transactions.
Geopolitical tensions around the world and the rise in oil prices have affected the behavior of the dollar. The currency has been in a bearish trend through 2022, down more than $224 since January. One of the reasons is due to the increase in Brent price. maximum $122.34 on Wednesday.
“The political uncertainty in the world has put upward pressure on the exchange rate, while the Russian invasion of Ukraine and the recovery in oil prices benefit the Colombian economy, in addition to the weakening of the dollar it provides more profit for the country,” he said. Camilo Pérez, Director of Economic Research and Market Analysis, Banco de Bogotá.
However, it is unclear what will happen in the coming months, according to the political actions of the world powers and the behavior of oil. According to the short-term forecasts of analysts, the exchange rate will be protected and if the rise in oil prices continues, it will be in favor of the country’s economy.
“There are always winners and losers, for example exporters benefit because they get more pesos for every dollar they sell abroad and consumers of imported products lose because of their higher prices,” said Camilo Pérez.
Also, US stock futures rose compared to European stocks, which had stalled in the rally due to Russia’s war on this continent. Possible increase in exchange rates, inflation and Effects The war in Ukraine worries investors who question the development of the European economy.
The benchmark Brent index continues to move between highs and lows of $122 per barrel. By continuing to increase its price, national exports will benefit and attract more investors to the country. According to the measures taken regarding the restrictions imposed by Russia on crude oil, its price will change like the behavior of the dollar.
Source: Lare Publica
