Colombian News Money, Finance, Economics Colombia's Peso Strengthens Below COP2,200/Dlr
Colombia's Peso Strengthens Below COP2,200/Dlr PDF Print E-mail
Friday, 22 May 2009 08:00
BOGOTA (Dow Jones)--The Colombian peso gained 1% against the dollar, while the IGBC stock index climbed 1.5% in early trading amid appetite for Colombian assets.

The Colombian peso traded at 2,195.75 to the dollar as of 11:00 a.m. from COP2,217 on Tuesday, while the IGBC stock index was up 1.5% to 9359.68 points earlier Wednesday.

The last time the peso ended below COP2,200 was on Jan. 6, when it closed at COP2,191.50.

Nicolas Uribe, foreign exchange trader at local brokerage Correval, said Colombian assets are tracking U.S. stocks that climb as oil prices continued to push higher and banks raised more capital.

"The Colombian peso can break the COP2,165 level amid important and strong players that are selling greenbacks," said Uribe in a research note, adding that he expects a volatility of around COP30 to COP35 per dollar.

Meanwhile, the yield on the benchmark local peso-denominated bond, known as TES, maturing in 2020 traded at 8.529% from 8.566% on Tuesday's closing mark.

- By Diana Delgado, Dow Jones Newswires; 57-1-6107044 Ext 1132
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