Foreign Exchange Rate Ends Week with Rise of ¢4.28 in Costa Rica's Monex
The US dollar appreciates against the Costa Rican colón, closing the week at ¢508.72; Central Bank activities and market conditions contribute to the fluctuation.
The foreign exchange rate of the US dollar against the Costa Rican colón concluded the week at ¢508.72 in the Foreign Currency Exchange Market (Monex).
This represents the third highest level for the dollar so far this year, following higher recordings on January 2nd and 3rd.
According to data from the Central Bank of Costa Rica (BCCR), the dollar experienced an increase of ¢4.28 compared to the previous Friday (January 17), when it stood at ¢509.76. Norberto Zúñiga, an economist from Ecoanálisis and the Academia de Centroamérica, highlighted that the week was marked by lower trading volumes, particularly on Thursday and Friday, leading to a focus on a diminished supply in the market.
On Friday, the dollar reached a maximum of ¢509.75 with a minimum of ¢501.21, opening the session at ¢502.
Throughout the day, a total of $15.78 million was traded over 217 transactions in Monex.
The week's exchange rate activity revealed variability in the dollar’s performance, with the currency appreciating on Monday, only to decrease on Tuesday and Wednesday, hitting ¢504.63 by January 22. From Thursday onwards, the currency appreciated by ¢506.22, and by ¢2.5 more on Friday, resulting in ¢508.72.
From Monday to Friday, $142.16 million was transacted in Monex over 1,043 transactions, slightly less than the $147.2 million traded the previous week.
Monday and Wednesday observed the highest activity levels at $37 million each.
In terms of central bank activity, BCCR continued purchasing currency to bolster its international reserves, acquiring $13.49 million on Wednesday, a decrease from the $17.14 million accrued the previous week.
As of the latest available data, BCCR’s reserves were valued at $14,205.7 million.
In the retail banking sector, financial institutions noted a surplus in currency with greater purchases over sales to the public.
From Monday to Thursday, there was a $37.76 million surplus, attributed to purchases totaling $455.45 million and sales reaching $417.69 million.
The prior week's surplus was notably higher at $177.22 million, with $652.23 million in purchases contrasted against $475.01 million in sales.
As of 4:36 p.m. on Friday, Banco Nacional offered the lowest selling price for the currency at ¢512, while Banco de Costa Rica and Banco Popular priced at ¢513, and BAC and Davivienda both at ¢515.
Scotiabank registered the highest price at ¢516.
This represents the third highest level for the dollar so far this year, following higher recordings on January 2nd and 3rd.
According to data from the Central Bank of Costa Rica (BCCR), the dollar experienced an increase of ¢4.28 compared to the previous Friday (January 17), when it stood at ¢509.76. Norberto Zúñiga, an economist from Ecoanálisis and the Academia de Centroamérica, highlighted that the week was marked by lower trading volumes, particularly on Thursday and Friday, leading to a focus on a diminished supply in the market.
On Friday, the dollar reached a maximum of ¢509.75 with a minimum of ¢501.21, opening the session at ¢502.
Throughout the day, a total of $15.78 million was traded over 217 transactions in Monex.
The week's exchange rate activity revealed variability in the dollar’s performance, with the currency appreciating on Monday, only to decrease on Tuesday and Wednesday, hitting ¢504.63 by January 22. From Thursday onwards, the currency appreciated by ¢506.22, and by ¢2.5 more on Friday, resulting in ¢508.72.
From Monday to Friday, $142.16 million was transacted in Monex over 1,043 transactions, slightly less than the $147.2 million traded the previous week.
Monday and Wednesday observed the highest activity levels at $37 million each.
In terms of central bank activity, BCCR continued purchasing currency to bolster its international reserves, acquiring $13.49 million on Wednesday, a decrease from the $17.14 million accrued the previous week.
As of the latest available data, BCCR’s reserves were valued at $14,205.7 million.
In the retail banking sector, financial institutions noted a surplus in currency with greater purchases over sales to the public.
From Monday to Thursday, there was a $37.76 million surplus, attributed to purchases totaling $455.45 million and sales reaching $417.69 million.
The prior week's surplus was notably higher at $177.22 million, with $652.23 million in purchases contrasted against $475.01 million in sales.
As of 4:36 p.m. on Friday, Banco Nacional offered the lowest selling price for the currency at ¢512, while Banco de Costa Rica and Banco Popular priced at ¢513, and BAC and Davivienda both at ¢515.
Scotiabank registered the highest price at ¢516.