Dollar: closing price today, October 5 in Uruguay

Uruguay has begun to show signs of recovery after the damage that the Covid-19 pandemic had on the economy.  (Infobae)
Uruguay has begun to show signs of recovery after the damage that the Covid-19 pandemic had on the economy. (Infobae)

He American dollar quoted at closing 39.14 Uruguayan pesos on averageso that it implied a change of 2.95% with respect to the value of the previous day, when it ended with 38.02 Uruguayan pesos on average.

If we consider the data of the last seven days, the American dollar marks an increase in 1.81%; On the other hand, since a year ago it still has a decrease in 0.27%.

Regarding past dates, it chained two consecutive sessions in green. Regarding the volatility of the last few days, it was 21.98%, which is a figure visibly higher than the annual volatility figure (16.38%), so it presents greater alterations than the general trend of the value.

The peso is the currency in official circulation in Uruguay since 1993 and replaced the old pesos after the country suffered a period of high inflation.

It was as of October 29, 1991 when the Central Bank of Uruguay was authorized to issue new banknotes to remove the old Uruguayan pesos that were equivalent to 1,000 new pesos. The currency began to circulate until March 1993.

In the 1990s, a new mechanism was introduced to more accurately predict the value of the peso with respect to the dollar, establishing a floating band method.

Later, in 2002 with Jorge Batlle as president, Uruguay experienced a financial crisis due to capital flight, so it was difficult to control the exchange market until months later when it was decided to opt for the independent floating system, which is the one that has been maintained to date.

After the maxidevaluation of 2002, a period of currency appreciation. It should be noted that the coins use animals and national figures on the reverse as a design.

Economically, Uruguay stands out in Latin America for its high per capita income, its low levels of inequality and poverty, with 60% of its population being middle class.

According to the Economic Commission for Latin America and the Caribbean (ECLAC), By 2023 the Uruguayan economy could grow up to 3%which would imply a slowdown influenced by lower growth in the main Mercosur partners, the global economic slowdown and the tightening of monetary policies.

Among the challenges facing Uruguay are the improve your competitiveness and long-term growth, incorporate women into economic activities and transform education.

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