# Colombian Peso makes the Strongest Recovery in the World in 2023

> The Colombian peso has appreciated by nearly 20% since its November 2022 low of about 5,107 per US dollar, making it the strongest-performing currency in the world this year. The article credits the recovery partly to higher oil prices, which support Colombia's export revenues.

- Date: 2023-08-20 · published 2023-08-20T12:00:00.000Z
- Category: macro · region Colombia · magnitude low
- Page: https://feedsoft.ai/events/34862-colombian-peso-makes-the-strongest-recovery-in-the-world-in-2023
- Commodities: [Colombian Peso (COP per USD)](https://feedsoft.ai/c/USDCOP.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A firmer peso reduces the cost of imported feed and feed ingredients for Colombian producers. Its strength also depends on oil prices, so a fall in crude would weaken that support for the currency.

## Read by commodity

- WTI: bullish ▲
- USDCOP: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-09-25 | [Colombian Peso ($COP) Up 22% as President Petro Weakens - Bloomberg](https://feedsoft.ai/events/34399-colombian-peso-cop-up-22-as-president-petro-weakens-bloomberg.md) | +0.9% | -1.1% |
| WTI | 2020-07-02 | [Latam stocks up; Mexican, Colombian pesos lead FX gains](https://feedsoft.ai/events/52401-latam-stocks-up-mexican-colombian-pesos-lead-fx-gains.md) | -0.6% | +0.0% |
| WTI | 2021-10-14 | [FX Dashboard: Russian Ruble and Colombian Peso Finally Benefiting from the Oil Rally - Gautam Jain, PhD, CFA](https://feedsoft.ai/events/44839-fx-dashboard-russian-ruble-and-colombian-peso-finally-benefiting-from-the-oil.md) | +4.5% | +0.8% |
| WTI | 2025-03-26 | [Colombian Peso Surges 1.57% Against USD As Oil Climbs And Political Uncertainty Eases](https://feedsoft.ai/events/25891-colombian-peso-surges-1-57-against-usd-as-oil-climbs-and-political-uncertainty.md) | +3.1% | -9.8% |
| WTI | 2023-08-31 | [USD/CAD delivers modest recovery ahead of core PCE Inflation data — Octa](https://feedsoft.ai/events/34817-usd-cad-delivers-modest-recovery-ahead-of-core-pce-inflation-data-octa.md) | +6.4% | +12.3% |

## Sources

- colombiaone.com: https://colombiaone.com/2023/08/20/colombian-peso-most-appreciated-currency-world-2023/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.