Colombia’s peso is trading at its strongest level in nearly two weeks Monday as global investors look favorably upon Europe’s latest plans to solve its debt woes.
The peso reached COP1,910 for a dollar in early trading in Bogota, a 1.4% gain from Friday’s close of COP1,936.90. The peso has closed at COP1,918 or weaker in each session since Sept. 28.
French and German leaders said they are putting together a comprehensive plan to begin fixing the euro zone’s debt and banking problems. This has fueled a 200-plus rise in the Dow Jones Industrial Average and prompted global investors to renew bets on riskier assets such as the peso.
Colombia’s peso fell last week to its weakest level of the year Oct. 4 when it closed at COP1,983.75.