After the opening of the trading session, the US dollar is trading at the opening at 42.65 Uruguayan pesos on average, so it implied a rise of 1.07% compared to the previous day's figure, when it ended with 42.20 Uruguayan pesos on average.
With reference to last week's profitability, the US dollar accumulated a rise of 0.11%; although in year-on-year terms it still continues to fall by 1.53%. Compared to previous days, it chains four successive dates in positive. With reference to the volatility of the last week, it is 12.57%, which is clearly higher than the annual volatility figure (8.96%), so it is showing a more unstable behavior.
In the last year, the US dollar has reached a maximum 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 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.
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 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.
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 increase 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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