Continuing its strong revaluation trend earlier in January—where it led emerging currencies with gains over 4% through January 22—the Colombian peso depreciated 1.36% on January 28, 2026, diverging from appreciating regional peers like the Brazilian real and Mexican peso. Despite the daily drop, it holds a 3.5% monthly gain amid global volatility and commodity rebounds.
On January 28, 2026, the USD/COP exchange rate closed at 3,672 pesos (intraday range: 3,616–3,685), marking a 1.36% daily depreciation. This contrasted with gains in the Brazilian real (0.23%), Chilean peso (0.67%), and Mexican peso (0.37%).
Regionally, the Brazilian real leads January revaluations at 5.6%, followed by the Chilean peso (5.11%) and Mexican peso (4.8%). The Colombian peso's 3.5% gain for the month slipped in rankings but remains top 10, ahead of the South African rand (4.4%).
The dollar index (DXY) rose 0.16% to 96.37 but fell 2.42% over five days, linked to fading confidence in Donald Trump's tariff and economic policies. "The dollar has plummeted globally and investors are increasingly valuing assets like gold," said Andrés Langebaek, former Anif vice president.
Commodities supported markets: Brent crude +1.64% to $68.7/barrel, WTI +1.80% to $63.5, gold +4.01% to $5,387.9. Colombia's high interest rates aid revaluation, though global factors dominate.
This highlights a fragmented forex market, with the peso under unique domestic-external pressures, building on its earlier leadership in emerging currency gains.