At the beginning of the day, the US dollar was trading at the opening at 42.62 Uruguayan pesos on average, which meant an increase of 1.21% compared to 42.11 Uruguayan pesos on average the previous day.
Over the past seven days, the US dollar has increased by 1.36%; however, for a year now it has continued to decline by 1.21%. Compared to previous days, it reverses the value of the previous day, when it ended with a decrease of 0.85%, being unable to establish a stable trend in recent dates. The volatility figure shows a balance that is higher than the volatility reflected in the last year's data, indicating that the value undergoes greater changes than the general trend.
In the annual photo, 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 placed closer to its low than 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, making it difficult to control the exchange market until months later it was decided to opt for 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 raise tariffs for the most consumed fuels in the country by three pesos, which has also aroused discontent among Uruguayans.
Agencies
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