Colombia’s peso is recovering from one of its biggest devaluations in history and is close to pushing the US dollar below COP3000 for the first time since November.
The peso began dropping in value in the third quarter of 2014 virtually in par with the price of crude oil.
Because more than half of the value of Colombia’s exports consisted of oil, the value of the currency dropped.
Between then and February this year, the Colombian currency went from 1,880 against the dollar to 3,400.
However, since then, oil prices recovered a bit from their all-time low, decreasing pressure on the peso, which made its way up again and reached 3,029 against the dollar at the end of trading on Tuesday.
Whether the peso is able to regain value and push the dollar back to where in was in 2014 depends largely on the future of oil prices, which is insecure.