The value of the US dollar against the Uruguayan peso dropped 6.59% from January to July 2023, as reported by Uruguay’s Central Bank (BCU) and the Electronic Stock Exchange of Uruguay (BEVSA).
In the last session of July, the dollar fell 0.62% compared to the previous day, closing at 37.429 pesos per dollar in the interbank market.
In 2022, the exchange rate stood at 40.071 pesos per dollar. Over the last year, the foreign currency has seen a cumulative drop of 7.953%, despite a minor increase of 0.056% in July.
On this particular Monday, transactions amounted to 16 million US dollars, according to BEVSA.
The public exchange rate at the state-run Banco República (BROU) showcased the US dollar at 36.20 pesos for buying and 38.60 for selling.
Throughout 2022, the local dollar depreciated 10.34% against the Uruguayan peso.
The Minister of Economy and Finance, Azucena Arbeleche, explained in a recent interview with the local newspaper El País that the decline in the dollar is due to a large supply resulting from “very significant” exports and the level of foreign direct investment.
The Union of Exporters of Uruguay (UEU) has warned about the “negative impact” of the dollar’s significant drop on the exporting sector.