Dollar Exchange Rate Stabilizes at ¢500 in Costa Rica
Currency closes the week steady, following notable fluctuations in recent sessions.
The dollar exchange rate against the Costa Rican colón concluded the week at ¢500.03 in the Foreign Exchange Market (Monex), following five sessions characterized by a relatively stable performance of the currency.
On Friday, March 21, the exchange rate in Monex was nearly identical to the ¢500.08 recorded at the end of the previous week, which was notable due to the dollar's decline below ¢500 for the first time since May 2008.
During the week, the dollar reached its highest price on Thursday at ¢501.07, while the lowest price was recorded on Wednesday at ¢499.84. On March 13, Rogelio Madrigal, president of the Central Bank, attributed the fluctuations in the dollar's price to market dynamics, stating that a decline below a specific level does not necessarily signify a particular market condition.
On Friday, transactions amounted to $70.49 million across 239 deals, reflecting an increase of $29.58 million compared to the previous Friday.
This was also the second-highest value of the week, surpassed only by Monday's total of $75.21 million.
Overall, Monex recorded transactions totaling $240.27 million for the week, which exceeds the previous week's figure of $200.03 million by $40.24 million.
On Friday, the dollar opened in Monex at ¢500.01, fluctuating between a high of ¢501.30 and a low of ¢499.90, before the last transaction being registered at ¢500.01. Notably, the Central Bank did not purchase foreign currencies in Monex during these sessions to bolster its international monetary reserves, marking the second consecutive week of such inaction.
However, the Central Bank intervened to meet demand from the non-banking public sector by purchasing $172.53 million throughout the week, a figure higher than the $122.93 million acquired the previous week.
In the early part of the week, exchange intermediaries reported a foreign exchange surplus, as their dollar purchases from clients exceeded sales.
Overall, intermediaries acquired $471.32 million in window trades while selling $399.78 million, resulting in a surplus of $71.53 million according to the Central Bank's data.
As of 2:20 p.m. on Friday, all banking entities were buying the dollar at ¢492 or less, with the Banco de Costa Rica (BCR) and Banco Nacional offering sales at ¢504 and the Banco Popular at ¢506.
Other operators maintained prices between ¢506 and ¢513.
On Friday, March 21, the exchange rate in Monex was nearly identical to the ¢500.08 recorded at the end of the previous week, which was notable due to the dollar's decline below ¢500 for the first time since May 2008.
During the week, the dollar reached its highest price on Thursday at ¢501.07, while the lowest price was recorded on Wednesday at ¢499.84. On March 13, Rogelio Madrigal, president of the Central Bank, attributed the fluctuations in the dollar's price to market dynamics, stating that a decline below a specific level does not necessarily signify a particular market condition.
On Friday, transactions amounted to $70.49 million across 239 deals, reflecting an increase of $29.58 million compared to the previous Friday.
This was also the second-highest value of the week, surpassed only by Monday's total of $75.21 million.
Overall, Monex recorded transactions totaling $240.27 million for the week, which exceeds the previous week's figure of $200.03 million by $40.24 million.
On Friday, the dollar opened in Monex at ¢500.01, fluctuating between a high of ¢501.30 and a low of ¢499.90, before the last transaction being registered at ¢500.01. Notably, the Central Bank did not purchase foreign currencies in Monex during these sessions to bolster its international monetary reserves, marking the second consecutive week of such inaction.
However, the Central Bank intervened to meet demand from the non-banking public sector by purchasing $172.53 million throughout the week, a figure higher than the $122.93 million acquired the previous week.
In the early part of the week, exchange intermediaries reported a foreign exchange surplus, as their dollar purchases from clients exceeded sales.
Overall, intermediaries acquired $471.32 million in window trades while selling $399.78 million, resulting in a surplus of $71.53 million according to the Central Bank's data.
As of 2:20 p.m. on Friday, all banking entities were buying the dollar at ¢492 or less, with the Banco de Costa Rica (BCR) and Banco Nacional offering sales at ¢504 and the Banco Popular at ¢506.
Other operators maintained prices between ¢506 and ¢513.
