The dollar opened at an average of 3,766.10, marking an uptick of 17.95 from the Representative Market Rate of 3,748.15 for today’s session. The Set-FX platform recorded an opening price of 3,765, with the day’s high at 3,770.50 and the low at 3,760. Throughout the session, 7.7 million dollars changed hands in 30 transactions.
Even with this upward trajectory, the currency has faced a downtrend for the year. There was even a dip below 215 at one point. For those considering buying or selling dollars at exchange offices, it is important to note that this value is not quoted in the same manner as the TRM.
Sales at exchange offices averaged 3,826, or 77.85 above the reference rate. At the top of the list were Giros y Finanzas (3,880), El Cóndor (3,840), and Punto Dollar (3,820). By contrast, Cambios Vancouver and Cambios Kapital offered more attractive rates at 3,800 each.
Why don’t these firms align their quotes with the Representative Market Ratio? According to Camilo Pérez, director of economic research at Banco de Bogotá, exchange houses set prices autonomously. When the official foreign exchange market moves quickly, the rates at these houses can become misaligned.
That dynamic makes it generally more convenient to buy currency through banks, yet many people still avoid those transactions. Analysts note that not all banks sell dollars for cash, and consumers often prefer exchange offices because they can handle transfers tied to banking arrangements in the United States. The cost structure at banks tends to be higher, deterring some buyers. José Luis Hernández of Corficolombiana’s corporate trading desk added that watching financial movements is part of the appeal.
He also observed that the pre-Easter period has brought a tightening in dollar inventories at exchange offices, suggesting supply could remain elevated as sales strategies remain aggressive.
On the purchase side, the average was 3,697, with the best offers coming from Interdollars (3,550), Drafts and Finance (3,600), and Point Dollars (3,850).
Regarding currency behavior, Martha del Pilar Martínez, president of the Colombian Association of Foreign Exchange Professionals (Asoprocambios), commented that values have held steady over the past month even as the TRM rose by about 30. Today, many holders of foreign currency prefer to keep it as savings or investment rather than selling, though the need to act can drive activity. Since mid-2021, election uncertainty has played a role in shifting demand for foreign currency.
Note: market dynamics reflect the interplay between official rates, exchange office margins, and individual preferences for liquidity and transfer convenience, particularly during holiday periods when supply and demand can diverge from official benchmarks.