US dollar opens down at 3,250 Colombian pesos

The US dollar opened at 3,250 Colombian pesos on Monday, October 5, according to data from the Bolsa de Valores de Colombia. The rate trades below the official representative market rate (TRM) set for the day at 3,273.49 Colombian pesos. On Friday, October 2, the dollar had closed at 3,264.5 Colombian pesos, down 45.5 pesos from the prior session after reaching an intraday low of 3,258 pesos.

In a report, Bancolombia noted that weaker United States labor data pressured the dollar. The Bureau of Labor Statistics reported 29,000 nonfarm payrolls added in September, below market forecasts of 89,000 positions. The US unemployment rate rose to 4.2% in September against expectations that it would hold steady at 4.1%. Bancolombia stated that the Colombian peso posted the largest appreciation among regional currencies at the end of last week, followed by the Peruvian sol, while the Brazilian real depreciated.

Global political developments also influenced currency markets on Monday. In Brazil, Flávio Bolsonaro took 47% of the first-round presidential vote against 45% for President Lula da Silva, while the PL party secured 121 of 513 seats in the Chamber of Deputies and 19 of 54 Senate seats. In Europe, Spanish Prime Minister Pedro Sánchez called general elections for November 29, 2026. Combined with fiscal concerns in France, the euro dropped as much as 0.8% to 1.1161 dollars, its lowest level since May 2025.

Bancolombia projects continued volatility and a potential correction for the Colombian peso, forecasting trading levels between 3,000 and 3,300 Colombian pesos during the fourth quarter of 2026. Investors also await the release this week of the minutes from the Federal Reserve meeting where interest rates were cut.