Colombia’s peso led a rebound among
most Latin American currencies, rising from its lowest since June
2006, as the price of oil gained on speculation the Organization
of Petroleum Exporting Countries will reduce output this month.
Colombia’s currency rose 0.6 percent to 2,565.5 per dollar
at 9:09 a.m. New York time, from 2,582 at the end of last week,
according to the Colombian foreign-exchange electronic
transactions system, known as SET-FX. The peso touched 2,600 per
dollar on Feb. 20, its weakest since June 29, 2006.
The yield on the nation’s 11 percent bonds due in July 2020
declined five basis points, or 0.05 percentage point, to 9.92
percent, according to Colombia’s stock exchange. The bond’s price
rose 0.367 centavo to 107.045 centavos per peso.
Crude oil, which rose as much as 6.3 percent in New York, is
the biggest source of export revenue for Venezuela, Colombia and
Mexico. (Bloomberg)