Oct. 2 (Bloomberg) -- Colombia’s peso rose for a fifth week, its longest winning streak since April 2008, on speculation dollar inflows into the South American country will increase.

The peso advanced 0.4 percent to 1,920.23 per U.S. dollar at 4:42 p.m. New York from 1,928.60 yesterday. It gained 0.2 percent this week, after jumping 1.3 last week.

“We’ve been seeing companies and the government bring in dollars and that should continue,” said Julian Ramirez, head analyst at Bogota-based brokerage Proyectar Valores SA. “A rally in commodity prices in the past weeks should also continue to boost foreign direct investment flows into Colombia.”

Foreign direct investment in the mining industry more than doubled in the first half of the year, jumping to $1.72 billion from $817 million in the same period a year ago, the central bank said earlier this week. Total foreign investment into Colombia dropped 10 percent in the first six months of the year to $4.9 billion from $5.4 billion a year earlier, according to the report.

Oil, Colombia’s biggest export, has jumped 56 percent so far this year.

The yield on Colombia’s 11 percent bonds due in July 2020 fell nine basis points, or 0.09 percentage point, to 8.90 percent, according to the stock exchange. The yield on the peso bonds, known as TES, earlier touched 8.89 percent, its lowest level since Aug. 6.

‘Still Room’

Ramirez forecasts the yield will fall to 8.80 percent in “coming days” as investors find attractive prices after the central bank unexpectedly lowered interest rates last week.

“There’s still room for TES to gain after the rate cut,” said Ramirez.