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Colombian peso depreciated
Colombia Peso Slides To Level Not Seen Since Nov ‘06
By Ontheweb Thursday, October 9, 2008The Colombian peso weakened to levels not seen since November 2006 following the Mexican peso and the Brazilian real, which slide as world markets go deeper in turmoil.
The Colombian peso depreciated to 2,323.7 to the dollar as of 9:36 a.m., local time Wednesday. The peso hadn’t closed that weak since Nov. 27, 2006, when it closed at COP2,329 to the dollar.
“The peso here is following what happens in Mexico and Brazil, though the move is not that strong,” Felipe Munoz, who manages a fund of local bonds with local brokerage Corredores Asociados, said.
In the last 30 days, the Colombian peso has lost 11% of its worth, while the real is down 28%. Munoz said the peso is holding firmer than the real because the proportion of the Colombian capital markets in the hands of foreigners is much smaller than in Brazil...more
