He dollar It has been on a strong upward trend for nearly four months and reached its highest level of the year this Friday, after reaching 40.454 pesos, according to the exchange rate. Central Bank of Uruguay (BCU).
The US currency climbed due to local and international factors after having touched its lowest point of 2024 on March 26, closing at 37.507 pesos. Since that date, the dollar It increased by 7.86% (almost three pesos) and has accumulated an appreciation of 3.67% so far this year.
To achieve such an improvement, the greenback It rose in five of the seven months of the year, on a path with moments of weakness that seem to have been left behind.
After an improvement of 0.36% in January and a decrease of 0.30% in February, the exchange rate It had its worst streak in March, when it fell 3.83% and hit its lowest level.
However, since then it has had three consecutive months of growth and is heading for a fourth. Thus, it grew 2.04% in April, 1.24% in May, 3.09% in June and maintains an appreciation of 1.16% so far in July.
When was the last time the dollar reached 41 pesos?
At a stage where the dollar is strengthened globally and the Uruguayan foreign exchange market seems to follow this trend, the currency still has room to continue growing.
In fact, since it exceeded 40 pesos on the first day of the month, it has only been quoted below that level on two occasions, remaining above it on the remaining 12 trading days.
Taking this into account, it remains to be seen whether the greenback will be able to surpass 41 pesos, a level it has not surpassed since October 25, 2022, when it closed at 41.169 pesos.
The strength of the dollar and the weakness of the real
The rise of dollar In recent months it could be boosted by the decline in Foreign direct investment (FDI) in the country, the delay of the United States Federal Reserve (Fed) to trim their interest rates and the weakness of emerging currencies.
Diego Rodriguez, managing partner of Gaston Bengochea & Co., He expressed to Ambit that one of the factors that dragged the Uruguayan Peso It was the devaluation of the real. “The increase in public spending in Brazil This is causing concern in the market of the northern country and this has been transferred to our local market,” he analyzed.
Rodriguez said that the improvement of the currency in Brazil “was almost 15%” in the year and maintained that it is “a highly regarded market in Uruguay as a reference for local quotation.”
Source: Ambito
