Colombia’s peso rose to its strongest level in three weeks, a day after the central bank lifted its key lending rate in a bid to curb inflation.
The peso rose 0.5 percent to 1,799.91 per dollar at 9:36 a.m. New York time, its strongest since May 10.
The peso closed at 1,808.50 per dollar yesterday.
The seven-member board, led by bank chief Jose Dario Uribe, increased the benchmark interest rate by a quarter percentage point to 4 percent yesterday, matching the forecasts of all 25 economists.
Policy makers have lifted the key rate at each of their monthly meetings since February.
Banco de la Republica also extended a plan to purchase a minimum of $20 million per day in the spot market to “at least” Sept. 30.
The program was set to expire June 17.
The yield on Colombia’s 10 percent bonds due July 2024 was little changed at 8.17 percent.
The peso rose 0.5 percent to 1,799.91 per dollar at 9:36 a.m. New York time, its strongest since May 10.
The peso closed at 1,808.50 per dollar yesterday.
The seven-member board, led by bank chief Jose Dario Uribe, increased the benchmark interest rate by a quarter percentage point to 4 percent yesterday, matching the forecasts of all 25 economists.
Policy makers have lifted the key rate at each of their monthly meetings since February.
Banco de la Republica also extended a plan to purchase a minimum of $20 million per day in the spot market to “at least” Sept. 30.
The program was set to expire June 17.
The yield on Colombia’s 10 percent bonds due July 2024 was little changed at 8.17 percent.
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