By Andrea Jaramillo
Jan. 20 (Bloomberg) -- Colombia’s peso weakened amid a drop in oil, the nation’s biggest export, and on concern the financial crisis is deepening, hurting investor appetite for higher- yielding, emerging-market assets.
The peso dropped 0.5 percent to 2,242.1 per dollar at 9:08 a.m. in New York, from 2,230.1 on Jan. 16, according to the Colombian foreign-exchange electronic transactions system, known as SET-FX. Because of the U.S. holiday yesterday, Colombia’s currency and bonds traded in the so-called next-day market, in which payment and delivery are made the following trading day.
The yield on Colombia’s 11 percent bonds due in July 2020 rose for a second day, increasing six basis points, or 0.06 percentage point, to 10.12 percent, according to Colombia’s stock exchange. The price fell 0.382 centavo to 105.694 centavos per peso.
Crude oil for February delivery fell to as low as $32.70 a barrel on the New York Mercantile Exchange, its weakest since Dec. 19.
In Chile, the peso fell 0.3 percent to 625.8 per U.S. dollar from 623.8 yesterday. The yield for a basket of five-year peso bonds in inflation-linked currency units, known as unidades de fomento, fell three basis points to 3.15 percent, according to Bloomberg composite prices.
Argentina’s peso was little changed at 3.4554 per dollar from 3.4560 yesterday.
To contact the reporter on this story: Andrea Jaramillo in Bogota at ajaramillo1@bloomberg.net
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