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Colombian peso under pressure as inflows dry up

Friday, November 16, 2012

Colombian stocks climbed as heavily traded oil shares rebounded from sharp losses a day earlier, while the peso continued to weaken versus the dollar.

Pacific Rubiales, a Toronto-based firm whose shares fell to a three-month low Wednesday, surged 3.1 percent as investors viewed the recent selloff as overdone.

Analysts expect further weakness in the peso heading toward the end of the year, as foreign capital inflows tend to slow down as the holiday season approaches.

Source: Wall Street Journal