Last day, the US dollar traded at the close at 42.51 Uruguayan pesos on average, which implied a rise of 0.73% compared to the value of the previous day, when it reached 42.20 Uruguayan pesos on average.
If we consider the data for the past seven days, the US dollar is down 0.23%, so that in year-on-year terms it still continues to decline by 1.86%. As for the variations of this day compared to previous days, he chained four consecutive sessions in green. In the last week, volatility is higher than the data obtained for the last year (8.93%), showing itself as an asset with greater changes than expected.
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 positioned closer to its low than to its 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.
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, which made 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 at the time.
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 citizens.
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Agencies