Dollar Exchange Rate Dynamics in Colombia
The US dollar closed on February 26, 2026, at an average of $3,745.85 in Colombia. This marked an increase of $42.16 compared to the Representative Market Rate (TRM) of $3,703.69. On that day alone, over USD 1,389 million was traded across 1,689 transactions, with prices ranging from a low of $3,705.00 to a high of $3,830.00.
Factors Influencing Dollar Appreciation
Despite the global strengthening of the dollar, local factors mainly drove the depreciation of the Colombian peso. A significant factor was Ecuador tightening its tariff measures, raising tariffs on Colombian imports from 30% to 50% effective March 1. This move is expected to have ramifications on trade dynamics and could impact future exchange rates.
Additionally, recent presidential polling indicated a surge in support for Iván Cepeda, candidate of the Historical Pact, now garnering 37.1% of voter intention. An analysis by Bancolombia suggested this shift could dampen political momentum, prompting a repricing of the exchange rate similar to recent devaluation trends in other local assets like public debt securities (TES).
Trends in Dollar Pricing
After witnessing a notable decline in 2025, the dollar’s value in Colombia has fluctuated around or above $3,700 since early 2026. On February 26, 2026, the national average purchase and sale prices were $3,601.11 and $3,700.56, respectively.
Exchange Rates at Major Exchange Houses
Here’s a breakdown of dollar pricing across various exchange houses:
- The Condor: Purchase: $3,570, Sale: $3,670
- Smart Exchange: Purchase: $3,640, Sale: $3,675
- Latin Changes: Purchase: $3,620, Sale: $3,680
- Vancouver Changes: Purchase: $3,620, Sale: $3,690
- Chipichape Exchanges: Purchase: $3,580, Sale: $3,700
- Capital Changes: Purchase: $3,620, Sale: $3,700
- MoneyMax: Purchase: $3,560, Sale: $3,710
- Nutifinances: Purchase: $3,580, Sale: $3,730
- AllianceTrade: Purchase: $3,620, Sale: $3,750
Understanding Exchange Market Structures
The dollar is generally traded at lower rates within exchange houses, due to the segmentation between the regulated market and the exchange market. The regulated market involves transactions conducted through financial intermediaries, such as banks, focusing on larger volumes or “wholesale.” Here, currency prices are determined by supply and demand dynamics in the Set-FX electronic trading system.
Conversely, the exchange market is unregulated and encompasses remittances and individual currency trades through exchange houses, making it more susceptible to price fluctuations.
The TRM (Representative Market Rate) reflects the average of all such transactions conducted within set hours on the Colombian Stock Exchange, yet the pricing in exchange houses cannot be measured in the same fashion due to varied physical cash supply and demand.