US dollar opens down COP 36.23 in Colombia ahead of rate call

The US dollar opened at COP 3,305 in Colombia on Wednesday, September 30, falling COP 36.23 below the official reference rate (TRM) of COP 3,341.23. The currency had closed on Tuesday at COP 3,341.46. In early trading, transactions ranged between a low of COP 3,300 and a high of COP 3,305.

Market attention centered on the Banco de la República monetary policy meeting scheduled for after midday. According to expectations gathered by Corficolombiana, investors anticipate the central bank will keep its benchmark interest rate unchanged at 12%, with annual inflation standing at 6.24%.

Globally, the US dollar traded near its annual high against the euro, heading for its largest monthly gain against the European currency in 14 months, supported by US economic performance and higher domestic interest rates.

Oil prices also rose on Wednesday amid stalled talks between the United States and Iran. Brent crude for November, which expires Wednesday, gained 0.6% to $103.16 per barrel, while the more active December contract climbed to $97.10. West Texas Intermediate advanced 0.9% to $90.20. For September, Brent is heading for an increase of nearly 14%, its largest monthly rise since July, while WTI is on track for a gain of nearly 4%.