The Colombian peso opened trading at a two-month low Thursday after the Colombian government announced forex interventions to ease the burden on exporters.
The peso fell to COP1,820.5 for a dollar on Tuesday from 1,7930.60 the day before.
The drop in value of Colombia’s currency came after Finance Minister Juan Carlos Echeverry announced the government plans to buy more than $300 million in the spot market this week alone, and would continue to buy dollars as long as the budget allows.
Adding to the government’s plans to purchase dollars, the Colombian central bank has also announced it is considering its purchasing of dollars to $40 million a day.
The peso grew 7% in value against the dollar over the past half year which has put pressure on export industries like those producing coffee and flowers.