Pushed by increasing oil prices and a weak dollar, Colombia’s peso accelerated its hike on Wednesday.
In early trading, the dollar dropped to COP2,758, after it recovered and settled around COP2,785.
The peso has not performed this well since 2015 when oil prices and Colombia’s peso were registering major drops.
Felipe Campos of Alianza Valores told newspaper El Tiempo a few days ago that part of the dropping dollar is due to US Treasury Secretary Steven Mnuchin telling media a low dollar was “welcome.”
The dollar has lost more than 5% of its value against the peso over the past month. The euro lost less than 1% against the Colombian currency in the same period.