The dollar and the euro seem to find no halt in Cuba's informal currency market: both currencies gained ground against the Cuban peso on Monday, closing the day with values higher than those recorded in the morning, continuing an upward trend that keeps the national currency under pressure.
At 8:00 p.m., Cuba time, placed the U.S. dollar at 813 Cuban pesos (CUP), while the euro reached 905 CUP, according to informal market references.
Both currencies ended the day above their initial quotes, a particularly striking movement because the dollar had already reached its highest value in the last 30 days in the morning.
Indeed, at the start of the day this Monday, the dollar was quoted at 812 CUP and the euro at 903 CUP. While the U.S. dollar continued its upward trend, the European currency experienced a slight decline compared to Sunday.
However, the situation changed as the hours went by.
Exchange Rate Evolution
The dollar gained another peso between the opening at 10:00 a.m. and the closing at 8:00 p.m., while the euro regained some ground, adding two pesos to its initial rate.
In just twelve hours, both currencies rose again against the Cuban peso.
The evolution of the dollar is particularly significant when compared to its close on Sunday, when it was valued at 808 CUP.
With the current 813 CUP, the US dollar has experienced an increase of five pesos in a single day.
On a weekly basis, the dollar has gained 25 pesos, having stood at 788 CUP seven days ago, a change equivalent to approximately 3.2%.
The trend is even more pronounced when observing the behavior of the last month.
Thirty days ago, the informal reference for the dollar was around 709 CUP. With its current rate, the difference amounts to 104 Cuban pesos.
In any case, the dollar ends Monday at a level higher than that recorded in the morning and continues on an upward trajectory over the past week.
The euro also showed no mercy to the Cuban peso. The European currency, which started on Monday at 903 CUP, closed the day at 905 CUP, regaining the ground it lost at the beginning of the day.
The figure represents an increase of two pesos compared to the rounded value at the close on Sunday, which was also at 903 CUP. The statistical references used for daily comparison indicate an approximate variation of 2.5 pesos, due to the underlying values of the index.
In the last week, the euro has risen by 20 pesos, from 885 CUP recorded seven days ago, which amounts to an approximate increase of 2.3%.
The monthly comparison also shows a significant increase: from the 805 CUP recorded 30 days ago to the current 905 CUP, a difference of 100 pesos.
The euro also maintains its position as the most expensive of the main benchmarks in the Cuban informal market, with a difference of 92 pesos compared to the US dollar.
While both cash currencies advanced, the Freely Convertible Currency (MLC) exhibited a different trend.
Its indicative value at the close on Monday was 593 CUP, down from the 637 CUP it indicated in the morning.
The reference rates as of the close on this Monday, October 19, are as follows:
- United States Dollar (USD): 813 CUP.
- Euro (EUR): 905 CUP.
- MLC: 593 CUP.
Equivalence of the US dollar (USD) to Cuban peso (CUP) at the close of Monday
- 1 USD = 813 CUP
- 5 USD = 4,065 CUP
- 10 USD = 8,130 CUP
- 20 USD = 16,260 CUP
- 50 USD = 40,650 CUP
- 100 USD = 81,300 CUP
Euro (EUR) to Cuban Peso (CUP) exchange rate at the close on Monday
- 1 EUR = 905 CUP
- 5 EUR = 4.525 CUP
- 10 EUR = 9,050 CUP
- 20 EUR = 18,100 CUP
- 50 EUR = 45,250 CUP
- 100 EUR = 90,500 CUP
- 200 EUR = 181,000 CUP
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