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The dollar closed this Friday over 3,300 pesos – Financial Sector – Economy



Following the constant escalations and exchange rate failures in recent weeks, The average price at which the dollar was agreed in Colombia was over 3313 pesos, one of the highest prices so far this year.

On 1 March 2016 no exchange rate was observed at these levels when the official dollar for that day is 3,319.8 pesos, according to the Bank of the Republic's statistics.

Market analysts predict that soon the exchange rate in the country will reach this level and that it will not be surprising that the price of the currency maintained an upward trend of touching a level of 3,400 peso per dollar.

In fact, the maximum trade volume that was reached in the day today was 3,321.99 pesos.

The rise in the exchange rate came in the middle of an unstable day on the oil market, which started the day with strong jumps, but at the end of the afternoon it was deflated.

Oil closed lower on Friday than fears of stagnation in the Sino-US talks, but the two contracts ended the week higher than concerns over supply cuts in the Middle East due to political tensions.

Brent's international futures fell 0.6 percent to 72.21 dollars a barrel, but rose by about 2 percent during the week.

US West Texas Intermediate (WTI) futures fell 0.17 percent to 62.76 dollars a barrel.

High Command Corps of the Iranian Revolutionary Guard said the country's missiles are short range They could reach US Gulf ships and stress that Washington can not afford a new war, the agency said.

US sanctions against Iran further reduced the country's exports in May, increasing the cuts agreed in the pact signed by OPEC and its allies.

China, on the other hand, used a more aggressive tone on Friday in its trade war with the United States and said the resumption of talks between the world's two largest economies would make no sense if Washington did not change its course.

The market is awaiting a decision by the Exporting Countries' Organization. T
Oil and allied manufacturers about whether to continue to reduce their supply, which has so far led to prices of over 30%.

The OPEC Ministerial Committee will meet in Saudi Arabia this weekend, which will assess the Member States' commitment to the agreement and may issue a recommendation on whether to extend or adjust the agreement.

ECONOMY AND BUSINESS SIGNATURE
* With information from agencies


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