Colombian Currency Weakens Beyond 3,000 per Dollar as Oil Slumps
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Colombia’s peso fell to a record level weaker than 3,000 per dollar on speculation that the glut in crude oil, the nation’s biggest export, will be prolonged.
The peso depreciated 0.5 percent to 3,011.86 per dollar at 8:57 a.m. in Bogota. Last week, the currency tumbled to the lowest since it began trading freely in 1999. Oil accounts for about half of Colombia’s exports and 17 percent of government revenue.