The U.S. dollar is hurting, and the once atrophied colón is starting to get a little bit of muscle.
As of Thursday April, 28,2011, the value of a U.S. dollar was ₡493, the strongest the colón has been since 2008 and about the same value it had in 2006, when Costa Rica
The dollar has steadily declined in 2011. According to the Wall Street Journal’s U.S. Dollar Index, created in 1971, the dollar is currently only 5 percent shy of its lowest ever-recorded value, which was in March 2008. On March 1, 2008 , the dollar was also valued at ₡493 before hitting its lowest mark of ₡491 by the end of the month.
The Costa Rican exchange rate, like the international economic landscape, is cyclical. If the low-point of the U.S. dollar in 2008 was an indication of what is to come, greenbacks should start to make a comeback in coming months.
In his first-ever press conference Wednesday, Ben Bernanke, chairman of the U.S. Federal Reserve, said the Federal Open Market Committee found that the U.S.