Colombian peso strengthens as US dollar approaches 3,000 COP level

The Colombian peso continues to strengthen against the US dollar, approaching the psychological threshold of 3,000 COP. As of September 10, 2026, the representative market rate (TRM) was reported at approximately 3,099.48 COP, reflecting a continuous downward trend for the currency.

Since the beginning of 2026, the dollar has seen a significant decline of roughly 17.5% to 18.25% against the peso. Experts attribute this trend to increased investor appetite for emerging market assets, driven by high domestic interest rates. The Banco de la República's current 12% interest rate has facilitated a ‘carry trade’ strategy, where investors seek higher yields in Colombian assets.

However, analysts from Bancolombia suggest that future volatility may be influenced by global uncertainty, local fiscal concerns, and the economic policies of the current government.