The Us dollar dropped almost ¢9 colones overnight, dropping to ¢554.38 for the buy and ¢563.23 for the sell against the Costa Rican Colon. The exchange rate on Tuesday was ¢564.39 and ¢573.03, respectively, dropping ¢8.64 colones overnight, as published by the Banco Central de Costa Rica (BCCR).
It was evident before the banks closed for business on Tuesday that a sharp drop was coming overnight, when some banks, like Scotiabank, were posting their rates at ¢554 for the buy and ¢562 for the sell.
The dollar has dropped more than ¢30 colones since the middle of September, when the buy was ¢585.87 and sell ¢595.59 on September 18.
The BCCR (Central Bank) says the changes are based on supply and demand, based on the excess or lack of dollars in the market.
Today’s exchange rate is slight above the rate on November 11, 2008, when the buy was ¢551.18 and the sell ¢560.98.
Experts say that the fall could continue as more dollars in the market place and lower demand means a drop in price. Other experts say that this could also be a sign of a permanent condition, while others say that there could be greater volatility in the coming weeks that in the past eight months.