US dollar drops below 3,300 pesos in Colombia

The US dollar opened at COP 3,298 on Thursday, October 1, 2026, falling below the representative market rate of COP 3,312.84, which represents a decline of COP 14.84.

The decline followed a decision by the board of directors of Banco de la República, which voted by majority to increase its interest rate by 25 basis points to 12.25%, reaching its highest level since March 2024. The move surprised analyst consensus, which expected the rate to remain unchanged. An analysis from Bancolombia noted that future decisions will depend on the El Niño weather phenomenon, recovery efforts following an earthquake, and fiscal policy measures. Bancolombia added that higher local interest rates could put downward pressure on the dollar as investors turn to carry trade strategies.

The session also followed domestic labor data showing unemployment rose to 9.4% in August, an increase of 0.8 percentage points from a year earlier. AmCham Colombia noted that industry shed 240,000 workers compared to August 2025, while earthquake damage affected localized jobs. BBVA Research reported that total employment dropped 0.5% year-on-year, representing a loss of 126,000 jobs, with cities such as Pereira registering an employment decline of 4.2%.

In the previous session on Wednesday, September 30, the dollar fell COP 22 to close at COP 3,307.50, after opening at COP 3,305, touching a high of COP 3,330, and recording a low of COP 3,295. That session registered 1,466 transactions totaling 1,429 million dollars against a representative market rate of COP 3,341.23.

Internationally, Chilean newspaper Diario Financiero reported the US dollar traded at its highest level of the year against major currencies. In the United States, the Department of Commerce revised second-quarter gross domestic product growth up by 0.7 percentage points to 2.2%. In August, the personal consumption expenditures price index stood at 3.4% year-on-year, above the Federal Reserve target of 2%. Earlier in the month, the Federal Reserve raised its interest rates for the first time in three years to a range between 3.75% and 4%.