Closing value of the dollar in Uruguay this March 15 of USD to UYU

The US dollar traded at the close at 42.68 Uruguayan pesos, which was up 1.77% compared to 41.94 Uruguayan pesos the previous day.

Compared to last week's profitability, the US dollar posted an increase of 0.99%; but in year-on-year terms it still accumulated a decrease of 1.56%. If we compare the data with past days, showing that it is unable to establish a trend recently. In the last week, volatility was 16.33%, which is significantly higher than the annual volatility figure (9.03%), presenting itself as an asset with greater variations than expected.

In the annual photo, the US dollar has even changed by a high of 44.73 Uruguayan pesos, while its lowest level has been 41.44 Uruguayan pesos. The US dollar is positioned closer to its minimum value than to the maximum.

The Uruguayan currency

The peso has been the official circulation currency in Uruguay since 1993 and replaced the old pesos after the country suffered a period of high inflation.

It was from October 29, 1991 that the Central Bank of Uruguay was authorized to issue new banknotes to remove the old Uruguayan pesos equivalent to 1,000 new pesos. The coin began to circulate until March 1993.

A new mechanism was introduced in the 1990s to be able to predict more accurately the value of the peso against the dollar, establishing a floating band method.

Later, in 2002, with Jorge Batlle as president, Uruguay experienced a financial crisis due to capital flight, making it difficult to control the exchange market until months later it was decided to opt for the independent flotation system, which is what has been maintained at the moment.

After the 2002 maxidevaluation, a period of currency appreciation followed. It should be noted that the coins use animals and national figures on the back as a design.

On the economic front, Uruguay has begun to show signs of recovery after the ravages of the coronavirus pandemic. In 2021, the country recovered the 108,000 jobs it had lost in 2020, in addition to 9,000 more jobs.

However, the Uruguayan administration has also taken the decision to raise tariffs for the most consumed fuels in the country by three pesos, which has also aroused discontent among Uruguayans.

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Agencies