The Colombian peso has strengthened to levels not seen since July 2019, with the dollar falling to 3,248 pesos at the close of the second week of July. The move extends a rally that has sliced 508 pesos off the exchange rate this year and 764 pesos over the past twelve months, marking the third-largest revaluation of the peso this century. Analysts in Bogotá attribute the appreciation to a central bank policy rate of 12 percent—far above the 3 percent prevailing in advanced economies—which continues to attract carry-trade inflows, alongside market anticipation of a fiscal reform that could deliver savings of 40 trillion pesos under the incoming government.

In Tehran, the rial painted a far more turbulent picture. The official remittance rate for the US dollar edged up to 149,149 tomans on Saturday, but the open-market rate swung between 176,480 and 178,790 tomans in the same session, according to Iranian financial dailies. The volatility follows a week in which the dollar had spiked to 181,490 tomans after overnight military strikes between Iran and the United States, before retreating in subsequent forward-market trading. Traders in the capital say political and security developments now outweigh economic indicators in setting the exchange rate, leaving the market in a cautious, news-driven posture as diplomatic consultations continue.

Elsewhere, the Nigerian naira weakened marginally at the central bank’s official window, trading at 1,379.62 per dollar on Friday, while parallel-market rates held at 1,427–1,435. The Indonesian rupiah closed the week 0.39 percent lower at 18,065 per dollar, pressured by a Fitch Ratings assessment that flagged weakening investor confidence and deteriorating economic governance. Jakarta-based economists note that the rating agency’s revision of Indonesia’s outlook to negative in March, combined with a $1.61 billion trade deficit in May that snapped a 72-month surplus streak, has amplified unease about sovereign creditworthiness.

The divergence leaves market participants watching several near-term catalysts. In Colombia, the government’s ability to deliver the promised fiscal consolidation will test whether the peso can approach the 2,800–3,000 range some analysts now view as possible. In Iran, the trajectory of US-Iran talks and any further military escalation will dictate the rial’s next move. For Indonesia, upcoming trade data and any official response to Fitch’s warnings will be closely parsed, while Nigeria’s central bank continues to manage liquidity in a market still adjusting to its reformed FX framework.