Uruguay: dollar opening rate today March 16 USD to UYU

After the opening of the session, the US dollar is trading at the opening at 42.68 Uruguayan pesos, which implied a rise of 1.77% compared to the previous day's figure, which was 41.94 Uruguayan pesos.

Taking into account last week, the US dollar accumulated an increase of 1.13%; despite this, in year-on-year terms, it still continues to decline by 1.6%. In relation to the changes of this day compared to previous days, it turns the data from the previous day where it experienced a decrease of 1.56%, without being able to establish a stable trend recently. The volatility figure is notoriously higher than that accumulated in the last year, so it is showing a more unstable behavior.

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 placed closer to its low than its maximum.

The Uruguayan peso

The peso has been the official currency of circulation 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.

In the 1990s, a new mechanism was introduced to better predict the value of the peso against the dollar, establishing a system of floating bands.

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 switch to the independent flotation system, which is the one that has been maintained today.

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.

In the economic sphere, 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 increase tariffs for the most consumed fuels in the country by three pesos, which has also aroused discontent among citizens.

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Agencies