In the last session, the US dollar was paid at the close of 42.65 Uruguayan pesos on average, which represented an increase of 1.7% compared to the previous day's figure, when it was 41.94 Uruguayan pesos on average.
Taking into account the last seven days, the US dollar marked an increase of 0.11%; despite this, in year-on-year terms, it still accumulates a decline of 1.68%. In relation to past days, it stopped with the flat run of quotes of the last two days. As for the volatility of the last few days, it was 15.88%, which is significantly higher than the annual volatility figure (9.02%), which is why 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 on average, while its lowest level has been 41.44 Uruguayan pesos on average. The US dollar is closer to its minimum value than to the 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.
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.
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 raise the tariffs for the most consumed fuels in the country by three pesos, which has also aroused discontent among the Uruguayan people.
Agencies
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