The euro is trading at the opening at 46.95 Uruguayan pesos on average, which implied a rise of 1.38% compared to the previous day's figure, when it ended with 46.31 Uruguayan pesos on average.
In the last week, the euro accumulated a rise of 1.59%; however, in the last year it still maintains a decline of 11.79%. If we compare the data with past dates, it interrupts with the negative run of quotes from the last two sessions. As for the volatility of the last few days, it is somewhat lower than that accumulated in the last year, so it is performing more stable than expected in recent days.
In the annual photo, the euro has reached a maximum of 50.89 Uruguayan pesos on average, while its lowest level has been 45.65 Uruguayan pesos on average. The euro is closer to its minimum 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 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 sector, 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