Dollar to Colombian Peso Exchange Rate: Lowest Since 2018

The dollar to Colombian peso exchange rate just hit its lowest point since 2018. Colombia’s official TRM for Thursday, August 20, 2026 was certified at COP 3,053.48 — down 45.31 pesos, or 1.46%, from Wednesday’s TRM of COP 3,098.79 — according to Infobae. That move followed a Wednesday session in which the dollar traded to some of its weakest levels in more than seven years: Forbes Colombia reported an intraday print of COP 3,039, Cronista put Wednesday’s close near COP 3,049.76, and Infobae’s close average landed around COP 3,053.57 — outlets differ by a few pesos on the exact print, but all point the same direction. If you’re earning US dollars and paying rent, groceries, or a household budget in pesos in Medellín, this isn’t background noise — a stronger peso is a direct cut to how far your income stretches.

Quick answer: On Thursday, August 20, 2026, Colombia’s official TRM was COP 3,053.48 per US dollar — the lowest since October 2018, and just COP 53.48 above the psychological COP 3,000 mark. Wednesday’s spot close was a touch higher, with named outlets reporting figures from COP 3,039 to COP 3,053.57. For dollar earners in Medellín, a stronger peso means your income buys less, not more.

Quick reference — how many US dollars it takes to cover the same peso cost, January vs. this week’s TRM:

COP amount	USD needed at January 2026’s TRM (~3,757)	USD needed at this week’s TRM (3,053.48)
2,000,000	$532	$655
4,000,000	$1,065	$1,310
8,000,000	$2,129	$2,620

A higher USD figure means the same peso cost is now more expensive to cover for anyone earning and converting dollars.

What happened to the dollar to Colombian peso exchange rate this week

The dollar opened Wednesday’s session at COP 3,070 and traded down through the day. Named outlets differ by a few pesos on the exact print: Forbes Colombia reported an intraday low of COP 3,039, Cronista put Wednesday’s close near COP 3,049.76, and Infobae recorded a close average around COP 3,053.57 — all among the lowest levels since 2018. Thursday’s certified TRM confirmed the move: at COP 3,053.48, it’s the lowest official rate since October 2018, per Infobae. Since the start of 2026, when the dollar opened near COP 3,757.08, it’s down roughly 18.7% against Thursday’s TRM, based on Banco de la República’s official TRM series (corroborated by dolar-colombia.com’s 2026 tracker). That builds on a rally we’ve been tracking since the dollar first broke below COP 3,100 in late July — this week’s session pushed the move a leg further, bringing the dollar closer to the psychological COP 3,000 mark than it’s been since October 2018.

Why the peso keeps strengthening

The core driver hasn’t changed: a carry trade. As El Espectador explains it, “investors borrow where rates are low and bring that capital to markets where it yields more, like Colombia” — and Colombia’s elevated rates make that trade attractive right now. The Banco de la República’s board held its benchmark policy rate at 12% in a 4-3 vote at its July 31 meeting, citing June inflation of 6.1%, per Banco de la República. The board’s August session was a routine, non-rate-setting meeting, per Banco de la República’s August calendar — the next scheduled rate decision isn’t until September 30. That rate gap with developed-economy benchmarks keeps foreign capital flowing into Colombian peso assets, a dynamic we broke down in our coverage of the hike to 12%. The central bank has also been trying to slow the rally with its own reserve-building dollar-purchase program, launched in early August — so far without reversing the trend.

Is COP 3,000 next?

Traders are watching that line closely. Thursday’s certified TRM left the dollar just COP 53.48 above the 3,000 threshold, and the last time it traded below that level was October 2, 2018, at COP 2,993, according to Bloomberg Línea. Rodrigo Lama, chief business officer at Global66, told Bloomberg Línea that “any sign of definitive [trade] reopening would deepen favorable moves for emerging currencies” — meaning the peso’s rally has room to extend if global conditions cooperate, though geopolitical shocks could just as easily reverse it. Nobody interviewed is calling a guaranteed break below 3,000; El Espectador’s roundup of trading desks put the near-term range at COP 3,100–3,180, a reminder that a single strong session doesn’t set a permanent new floor.

What it means if you’re paid in USD in Medellín

Run the math against a fixed peso cost and the shift is real: COP 2,000,000 in rent or expenses cost about $532 at January’s TRM and about $655 at Thursday’s TRM — roughly 23% more to cover the same peso amount. That’s the flip side of the rising cost of living for expats we’ve tracked this year, where inflation and a stronger peso have been squeezing dollar-denominated budgets from both directions.

Frequently asked questions

What is the TRM?

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

Why is the Colombian peso strengthening?

A carry trade tied to the Banco de la República’s 12% policy rate is the main driver, alongside continued foreign investment inflows into Colombian debt. The central bank’s own dollar-purchase program has so far only moderated, not reversed, the trend.

Will the dollar fall below COP 3,000?

No one can say for certain. Thursday’s certified TRM left the dollar just COP 53.48 above that level — the lowest since October 2018 — but analysts quoted this week expect near-term trading closer to COP 3,100–3,180 rather than an immediate break.

Figures above reflect the TRM certified for August 20, 2026 and spot closes reported for August 19, 2026. The TRM is a certified average of the prior session’s trading, while spot quotes move throughout the day, which is why the two differ. Numbers will keep moving — check a live source, the Superintendencia Financiera’s certified TRM or Banco de la República’s TRM series — before wiring money or comparing this month’s Medellín budget to last month’s.