Colombia's Peso Volatility Highest in World Amid Crude Swings
- Currency rebounds from the lowest level in seven weeks
- Oil poised for third weekly decline on signs of global glut
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Swings in oil prices sent Colombia’s peso volatility to the highest in the world as the currency rebounded from the lowest level since September.
The peso rose 0.8 percent to 3,048.52 at 12:18 p.m. in Bogota, after slumping to 3,103.60 on Wednesday. One-week implied volatility, reflecting projected shifts in the exchange rate, was 20 percent, the most among 31 major currencies. Oil, which accounted for about half of Colombia’s exports last year, headed for a third weekly decline in New York on signs a global glut will be prolonged as U.S. stockpiles see their longest run of gains in seven months.