Exchange Rate in Uruguay
Uruguay - Exchange Rate
Uruguayan peso breaks the 30.00 UYU per USD mark in January
On 4 January, the Uruguayan peso broke modern records and breached the 30.00 UYU per USD mark. By 13 January, the peso had continued its depreciatory trend unabatedly and reached 30.65 UYU per USD, marking a 3.2% monthly decrease. The figure is also 24.6% weaker than the corresponding period in 2015. The currency would have witnessed a starker depreciation,, had it not been for the central bank’s efforts to contain the depreciation of the currency.
Uruguay is not alone when it comes to currency pressures, as the recently initiated tightening cycle by the Fed has prompted a steady outflow of capital from emerging markets in the US, strengthening the USD and weakening other currencies. Prices for Uruguay’s agricultural exports, including meat and soya exports, have also fallen, further exacerbating the situation.
The weaker currency has pushed up inflation via higher imported prices, forcing the central bank to act. The Bank’s active foreign exchange reserves have fallen steadily since the beginning of December as it tries to limit volatility in the FX markets. Currently, the Bank still holds ample reserves, however protracted interventions in the FX markets could reduce the country’s fiscal buffers, thereby putting further pressure on the peso.
Panelists surveyed for this month’s LatinFocus report see the peso ending this year at 33.1 UYU per USD. Next year, the panel sees the currency trading at 34.5 UYU per USD.
Uruguay - Exchange Rate Data
|Exchange Rate (vs USD)||29.91||29.33||28.83||32.42||37.33|
5 years of economic forecasts for more than 30 economic indicators.
Uruguay Exchange Rate Chart
Source: Central Bank of Uruguay.
|Exchange Rate||37.33||0.24 %||Jan 01|
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July 6, 2020
Consumer prices were unchanged from a month earlier in June, following the 0.6% increase recorded in May.
June 26, 2020
At its 25 June monetary policy meeting, the Central Bank of Uruguay increased its target for the growth rate of the M1+ money supply in Q3 2020 to 7.0%–10.0%, from the previous quarter’s target of 3.0%–5.0%.
June 22, 2020
The economy slumped 1.4% year-on-year in the first quarter of 2020, after expanding 0.2% in the fourth quarter of last year, recording the worst contraction since Q2 2003.
June 11, 2020
Industrial production nosedived 19.3% year-on-year in April (March: +4.7% yoy).
June 5, 2020
Consumer prices increased 0.6% from a month earlier in May, decelerating from the 2.0% jump recorded in April.