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Colombian pesos surges by most in five months

Tuesday, June 5, 2012

Colombia’s peso rose the most in almost five months as companies bought the currency before local tax payments this month.

The peso advanced 0.8 percent to 1,816.4 per US dollar at 10:31 a.m. in Bogota. That’s the biggest gain on a closing basis since Jan. 10.

The currency plunged 3.6 percent in May, its biggest monthly drop since November, as the deepening European debt crisis discouraged appetite for Colombia’s assets. It’s still up 6.8 percent this year, the best performance among all currencies tracked by Bloomberg.

Source: Bloomberg