Colombian Currency Weakens to Record as Oil Bearishness Grows
- Crude drops to lowest since 2008 on view oversupply to remain
- Peso is the biggest decliner among 31 major currencies
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Colombia’s peso dropped to a record low and led declines among major currencies after oil tumbled on forecasts that the crude market will remain oversupplied.
The peso plunged 2.5 percent to 3,331 per dollar at the close in Bogota after touching 3,339.60, surpassing the all-time low it had reached earlier this week. One-month implied volatility rose to 20.85 percent, the third-highest among emerging-market currencies.