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Colombian peso drops against strong dollar

Wednesday, May 29, 2013

Colombia's peso weakened 1 percent in afternoon trade on Tuesday as the U.S. dollar rallied following strong economic data.

Finance Minister Mauricio Cárdenas has called the stronger peso "the mother of all problems" because it eats into the revenues of exporters and manufacturers.

The peso strengthened around 9 percent in 2012, whereas intervention from the central bank and the government has weakened the peso about 6 percent so far this year.

Source: Reuters