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The exchange rate started the day with a decrease of over 20 USD, but recovered and closed with an increase of 15 USD to 3,491 USD
During the first session of the week, as Monday was a holiday in the United States for Martin Luther King’s Day, the Colombian dollar began to fall by more than $ 20 to $ 3,454.
However, within minutes the currency began to rise and reached $ 15 to $ 3,491.
Despite volatility, the Colombian peso has strengthened as investors continue to show interest in emerging markets.
The peso also felt the effect of the oil recovery: only on Tuesday, Brent oil, the benchmark used by Columbia (Ecopetrol), shows an increase of 1.19% over USD 55 per barrel.
However, a report from the International Energy Agency was released on Tuesday, explaining that it will take longer to recover oil demand, although it highlights better prospects for the sector.
“The global launch of the vaccine is improving the fundamentals this year, with demand and supply rising after the unprecedented collapse of 2020,” the IEA said in its report. For this reason, global demand now forecast for 2021 is 96.6 mbd (+5.5 mbd).