Colombia's currency weakened sharply Tuesday as the US dollar climbed to $3,819.99, its highest point in 2026, after Standard & Poor's downgraded the country's sovereign rating from BB to BB-. The peso's deterioration reflects mounting concerns over public finance deterioration, proximity of presidential elections, and global risk aversion stemming from Middle East tensions, though carry-trade strategies tied to high local interest rates have provided some temporary support.
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