(MENAFN- The Rio Times) Colombia opened Friday with a split screen: the peso steady near COP 3,891 per dollar while local shares nudged higher toward multi-year highs. That tension-global dollar firmness versus improving domestic optics-defined the last 24 hours.

What set the tone: The U.S. Dollar Index sat near 99 , keeping most emerging-market FX range-bound. Oil eased, removing a small tailwind for petroeconomies like Colombia.

Locally, confidence stayed intact after the government's record debt-management swap extended maturities and smoothed near-term funding, while high domestic rates kept the carry attractive.

FX in one line: USD/COP churned inside 3,889–3,913 . Traders are watching 3,905–3,920 as the ceiling and 3,884–3,870 as first support: dollar strength or a deeper crude slide would test the topside; an oil rebound would favor a drift lower in the pair.



Stocks, simply put: The MSCI Colcap closed +0.75% at 1,889.25 , a measured push that looked more like steady accumulation than a speculative surge.

The rally's backbone is still a mix of disciplined funding optics, sticky real yields, and resilient earnings expectations.
Top Movers (close, Thu):
Winners: Mineros (+5.11%) , Bancolombia Pref (+1.03%) , ISA (+0.97%) .

Losers: Grupo Aval Pref (−1.33%) , Corficolombiana (−1.16%) , Terpel (−0.90%) .



The story behind the story: Colombia is threading a narrow path. Policy is steady (benchmark 9.25% ) against 5.18% inflation, leaving real yields supportive.

The record TES swap signaled balance-sheet discipline, which helps equities and local bonds even as oil's softness and a firm dollar lean against the peso.

That push-pull- carry and credibility vs. stronger USD and softer crude -is why FX is stuck in a band while stocks keep grinding up.

What to watch next: A decisive DXY break >99.5 or crude slipping further would pressure the peso's range; absent that, USD/COP likely stays boxed , and Colcap dips toward 1,866–1,856 should continue to find buyers unless global risk sentiment sours.

MENAFN10102025007421016031ID1110177411