Colombian Peso Strengthens Below 3,100 Per Dollar

The US dollar closed at 3,090 Colombian pesos on 10 September on the Bolsa de Valores de Colombia (BVC). That marked a drop of 9 pesos compared with the Representative Market Rate (TRM) of 3,099 pesos set for the day by the Financial Superintendence. Trading began at 3,100 pesos, reached an intraday high of 3,129 pesos, hit a low of 3,079 pesos, and averaged roughly 3,101 pesos.

Total trading volume on the day reached $1.172 billion, while the average traded amount stood at $607.4 million. In international markets, the US dollar index, which tracks the currency against a basket of six major peers, retreated 0.21% to 98.940 points.

The move follows a volatile August in which the Colombian peso depreciated 1.8% month-on-month to close at 3,215 pesos, up 57 pesos from the start of that month. During August, the dollar fluctuated between 3,021.50 and 3,252.60 pesos. Analysts at Bancolombia noted that the peso fell nearly 5% in the final week of August following the 27 August release of the 2027 General National Budget.

That budget release revised the central government total fiscal deficit upward from targets in the 2026 Medium-Term Fiscal Framework, moving from 5.3% to 7.2% of GDP for 2026 and from 4.5% to 9.4% of GDP for 2027. Early in August, the Banco de la República also announced a reserve accumulation program and kept interest rates unchanged. Bancolombia projects the exchange rate will trade between 3,100 and 3,300 pesos during September.