Dollar to Colombian Peso Exchange Rate Hits 7-Year Low

The dollar to Colombian peso exchange rate broke through another floor this week. On Thursday, July 30, the spot dollar sank to an intraday low of COP 3,097.75 — the first time it has traded below 3,100 since April 15, 2019 — and Friday’s official TRM, calculated by the Superintendencia Financiera from that session, confirmed the move at COP 3,132.42, down 73.76 pesos, a 2.3% single-day drop, according to Pulzo and Infobae. If you’re earning dollars and paying rent, groceries, or a monthly household budget in pesos in Medellín, that’s not a background statistic — it’s a direct cut to what your income actually buys.

Quick answer: As of Friday, July 31, 2026, Colombia’s official TRM is COP 3,132.42 per US dollar — the lowest exchange rate since April 2019, a seven-year low.

Quick reference — what COP converts to at this week’s rate vs. recent weeks:

COP amount	At Friday’s TRM (3,132.42)	At the July 24, 2026 rate (~3,219)	At January 2026’s rate (~3,757)
2,000,000	$639	$621	$532
4,000,000	$1,277	$1,243	$1,065
8,000,000	$2,554	$2,486	$2,129

What happened this week

Here’s the session-by-session breakdown:

• Thursday, July 30 (trading): opened at 3,186, touched an intraday high of 3,188, then sank to a low of 3,097.75 — the first dip below 3,100 since April 2019 — before closing near 3,137, a 2.15% single-day decline, per Pulzo.
• Friday, July 31 (official TRM): calculated by the Superintendencia Financiera from Thursday’s session, the TRM landed at COP 3,132.42, down 73.76 pesos (−2.3%) from the prior day.
• Friday, July 31 (trading): the market itself opened higher, between COP 3,125.50 and 3,126.51, and touched an intraday high near 3,137, per Infobae — a partial bounce, not a reversal.

The TRM — the Tasa Representativa del Mercado, Colombia’s official daily benchmark set by the Superintendencia Financiera from the prior session’s trading — hasn’t been this low since April 2019, more than seven years ago.

Measured against July 31, 2025, when the dollar traded near 4,180 pesos, the dollar has lost roughly 1,047 pesos, or 25%, of its peso value in a single year, according to Banco de la República’s official TRM series.

Retail rates haven’t tracked the wholesale move cleanly. Even with the TRM at 3,132, Medellín casas de cambio were still selling dollars — the price you’d pay to buy USD cash — for COP 3,200–3,400 this week, per the same Infobae report. That’s the sell side: what a traveler buying dollars pays, not what you’d get selling dollars for pesos, which typically prices closer to the TRM. Either way, it’s a reminder that the TRM is a wholesale benchmark, not the walk-up rate at a currency-exchange counter — see what expats are actually paying in Medellín for how that gap shows up in a real budget.

Why the peso keeps strengthening

The move builds on a rally we flagged a week earlier, when the dollar was still trading above 3,200. The drivers haven’t changed, they’ve just intensified. The Banco de la República’s board was scheduled to meet again on July 31 to decide on its benchmark rate, already at 12% after the June 30 increase, per Banco de la República. As of this writing, ahead of that decision, an Anif survey of 21 analysts found 66.7% expecting a further 50-basis-point hike to 12.50%, according to La República — a rate that keeps Colombian peso assets attractive to foreign carry-trade investors, as we detailed in our interest-rate coverage. Two other forces are adding pressure in the same direction: a 2026 decree forcing pension funds to repatriate offshore holdings, per El Tiempo, and a softer US dollar globally plus steady oil-linked inflows, per ColombiaOne. This piece went to press before Friday’s board decision was public — check our interest-rate coverage above for the confirmed outcome.

Is 3,000 pesos next?

That question is now openly on the table. Thursday’s dip below 3,100 — 3,097.75 per Pulzo, 3,087 per ColombiaOne’s read of the same session, with ColombiaOne’s reporting also citing Set-FX data that put the day’s floor near 3,086 — has analysts increasingly willing to say the 3,000 floor could give way next. Juan Pablo Vieira of JP Tactical told ColombiaOne that “the market is left with very significant downside potential,” projecting a possible 3,000-to-2,800-peso range in the coming months. A break below 3,000 would take the exchange rate back to levels last seen in mid-2019, before the pandemic-era peso selloff.

What the dollar to Colombian peso exchange rate means if you’re paid in USD

Run the numbers against a fixed peso cost. At the July 24, 2026 rate of ~3,219, converting COP 2,000,000 cost about $621. At Friday’s TRM of 3,132.42, that same COP 2,000,000 costs closer to $639 — about 3% more in a single week, and roughly 20% more than the same conversion in January 2026, when the year opened near 3,757 pesos per dollar, per La República. Rent, restaurant tabs, and Rappi orders all compound the same way once you’re converting from dollar income — a squeeze that stacks on top of the rising restaurant and labor costs already reshaping Medellín budgets this year.

Frequently asked questions

What is the TRM?

The TRM (Tasa Representativa del Mercado) is Colombia’s official daily dollar-peso benchmark, calculated each morning by the Superintendencia Financiera from the prior session’s trading. It governs customs duties, taxes, and many contracts — but it isn’t the rate you’ll get at a bank window or casa de cambio.

Why is the Colombian peso getting stronger?

A mix of factors is pushing in the same direction: the Banco de la República’s benchmark interest rate near 12% keeps peso assets attractive to foreign carry-trade investors, a 2026 decree is forcing pension funds to repatriate offshore holdings, the US dollar has softened globally, and oil-linked dollar inflows remain steady.

Will the dollar fall below 3,000 pesos?

No one can say for certain, but analysts including JP Tactical’s Juan Pablo Vieira see a plausible 3,000-to-2,800-peso range in the coming months if the current trend holds.

Nobody is calling a bottom with confidence, and a currency this strong also risks hurting Colombian exporters, which could eventually feed back into the rate itself. Until then, treat any dollar figure you saw even a few weeks ago as stale. Check a live source — the Superintendencia Financiera’s certified TRM or a daily tracker like dolar.wilkinsonpc.com.co — before wiring money, signing a lease, or comparing this month’s Medellín budget to last month’s.

Figures above reflect the TRM and market rates as of July 31, 2026, and will move. Verify the current rate before making a financial decision.