Dollar price today 23 February 2024 | colombia news

The price of the dollar rose to $3,964.23 in Friday’s talks, which represents an increase compared to the currency’s closing price on Thursday, which was $3,929.

During this Friday’s session, the maximum price of the currency was recorded at $3,968.5, the minimum price was recorded at $3,926.50 and the average price was recorded at $3,949.33.

Similarly, by the end of talks this Friday the currency was above the TRM set by the Financial Superintendent, which is $3,935.64.

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Over the past week, the dollar price has remained above $3,900, with a high of $3,964 at market close, just reached this Friday, and a low of $3,909.

💵Dollar forecast for the week

Analysts say there is more dependence on the dollar regarding the decision of the United States Federal Reserve (FED) regarding interest rates. By lowering the rates, it is interpreted as an opportunity for the currency to lose value against the Colombian peso, as it represents an incentive to invest in the country.

Therefore, the market is waiting to see what happens with the said indicator and how it will affect the behavior of the dollar during the week.

For Diego Franco, chief investment officer at Franco Capital Asset Management, expectations for the first rate cut, which were expected for March and are now projected for June, have been moderated. His forecast suggests that the greenback will be priced around $3,930 and $3,940 this week.

On the other hand, Sergio Olarte, chief economist at Scotiabank Colpatria, believes that the currency’s price could continue to hover between $3,900 and $4,000 this week.

For them, the slow growth that the Colombian economy has shown will lead to less imports, which will lead to a need for less dollars, which could cause that currency to appreciate in the short term.

Finally, for February, Fedesarolo analysts believe the exchange rate will range between $3,916 and $3,982, with an average response of $3,950.

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💵 Dollar forecast for 2024

▶️ Banco de la República analysts expect the TRM to range between $3,839 and $3,939 during the year.

▶️ In the government’s fiscal plan for 2024, the Finance Ministry sees relative stability of the exchange rate against the dollar. The portfolio estimates the year will close with the dollar at $4,317.

▶️ Federico analysts expect the TRM to reach $4,071 by December 2024. This represents an increase from the forecast for February compared to last month ($4,025).

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