He dollar fell 0.42% yesterday, trading at 37,794 pesos in its second consecutive day down, according to data from the Central Bank of Uruguay (BCU).
The US currency reduced its monthly appreciation, although it continues with a rise of 0.97% so far in August. However, its decrease in the annual accumulated amounted to 5.69%, a figure that rose to 5.96% in the interannual variation.
The last two falls in the price of the dollar accompanied the same behavior of the US currency in Brazilthe main reference market.
Yesterday he dollar in the exchange market Brazil it fell 1.01%, selling at 4.8518 reais. In August, the US currency accumulates an increase of 2.33%, but so far this year it has depreciated by 7.01%.
The Brazilian real is the fifth most appreciated currency in the world so far in 2023, according to data from the economist of the International Monetary Fund (IMF) and head of the International Institute of Finance (IIF), Robin Brooks. Two other Latin American currencies rank first and second: the Colombian and Mexican pesos, respectively.
Thus, investment funds are betting on emerging market currencies that show strength and good yields. In this context, the peso could establish itself as an alternative for international firms, taking into account the reduction in the inflationwhich has been placed within the Central Bank’s target range for the last two months and the accumulation of improvements in the country’s credit rating by Standard & Poor’s (S&P), Moody’s and fitch.
Source: Ambito
