The exchange rate is feeling the effects of the sharp rise in oil prices due to the OPEC + meeting.
The dollar in Colombia began the day on Tuesday with a fall of $ 26 and is trading near $ 3,680. In this way, the exchange rate has fallen more than $ 50 in the last week.
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For three weeks the dollar has achieved a relative stabilization, fluctuating around $ 3,720. In other words, it has overcome much of the tension that arose in the markets this month after learning about the withdrawal of the tax reform and the loss of investment grade in Standard & Poor’s.
The significant one this Tuesday is due to the fact that the exchange rate is feeling the effects of the sharp rise in oil prices due to the OPEC + meeting.
The market expects the progressive increase agreed at the end of April to continue, after the strong cuts decided last year in the face of the COVID-19 pandemic.
Optimism led Brent oil, the benchmark used by Colombia, to rise more than 2% and surpass US $ 70 during the trading session this Tuesday.
However, it is expected that in the coming weeks the exchange rate will continue to reflect the uncertainty about the Colombian fiscal situation: correcting a deficit of $ 90 billion is the challenge. What increases the expectation for the new tax reform that the Government is building through consensus, and that for now has a collection goal of $ 14 billion: almost $ 10 billion less than the previous reform.
