Colombia’s peso fell to an eight- week low as maturing currency futures led to increased demand for dollars in the spot market.

The peso dropped 0.7 percent to 1,963.39 per U.S. dollar, from 1,949.77 yesterday. Earlier it touched 1,974.96, its weakest level since Oct. 5.

“Maturing forwards are leaving people short, so they buy the dollars in the spot market, pressuring it,” said Andres Munoz, the head currency trader at financial services holding company Corp. Financiera Colombiana, known as Corficolombiana, in Bogota.

Colombia’s currency may fall to as low as 2,015 and end this year at 1,985, amid higher risk aversion and increased demand for dollars as foreign companies buy the greenback to ship profits abroad, according to Munoz.

The yield on Colombia’s 10 percent bonds due in July 2024 rose four basis points, or 0.04 percentage point, to 7.67 percent, according to the stock exchange. The bond’s price fell 0.397 centavo to 118.329 centavos per peso.