World-Beating Currency Has RenCap Double-Checking Its Math

Colombia peso leads global gains with 3% rally in first week
RenCap sees as one of the most attractive currencies in EM

Demonstrators gesture as they wave a Colombian flag during a protest against the failed plebiscite for a peace deal with the Revolutionary Armed Forces of Colombia (FARC) in Bogota, Colombia, on Wednesday, Oct. 5, 2016. Protesters gather even as Juan Manuel Santos, Colombia's president, said Colombia is close to achieving lasting peace with Marxist rebels after a four-hour meeting with his most powerful opponent aimed at salvaging four years of peace talks.Photographer: Nicolo Filippo Rosso/Bloomberg

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By Christine Jenkins Tanzi

January 5, 2018 at 10:00 AM UTC

Updated on

January 5, 2018 at 2:34 PM UTC

This article is for subscribers only.

Colombia’s currency is the world’s top performer in the early days of 2018, and Moscow-based Renaissance Capital is forecasting more gains ahead for what it sees as one of the best bets in emerging markets.

The peso has rallied 3 percent this month following a lackluster 2017 that left it almost unchanged and toward the bottom of the pack for developing-nation currencies. It closed at 2,887 per dollar Thursday, its strongest level since May, amid gains in oil, the country’s biggest export. The peso slipped 0.4 percent Friday to 2,899 per dollar as of 9:28 a.m. in New York.