The US dollar opened September trading in Colombia much where it left off in August, holding steady around 3,140 pesos (roughly 33 US cents per peso, or about $317 per $1 million pesos) on Thursday. The greenback moved in a narrow band between 3,130 and nearly 3,160 pesos, a level of calm that masks a more complicated picture ahead.
Just weeks earlier, in August, the dollar had drifted close to the psychologically important 3,000-peso mark, a sign of just how much the Colombian peso had strengthened. That rally was fueled largely by Colombia’s high interest rates, which made peso-denominated investments attractive to foreign investors, along with a steady inflow of foreign currency into the country.
Now, analysts say some of the forces that drove the peso’s surge are starting to lose steam. Concerns over Colombia’s fiscal accounts—essentially, worries about government spending and debt—are creeping back into investor calculations. At the same time, there’s less dollar liquidity readily available in the market, meaning fewer dollars are circulating for immediate trading. Add to that a less favorable global economic backdrop, and the peso’s path toward further gains looks less certain heading into the rest of 2026.
Curious how currency traders and economists see the coming months playing out? Read the full report at eltiempo.com.
Source: El dólar entra en zona de definición; esto podría pasar en septiembre y lo que resta del 2026 (eltiempo.com). English version produced with AI assistance.
Image: Nicolas Mollet, Credits : Nicolas Mollet.