The dollar was being sold yesterday for RD$31.25, while the purchase price reached RD$27.50. This is the lowest exchange rate since the weeks immediately after the collapse of Baninter and certainly the lowest peso price of a dollar in 2003 or 2004. Since 16 August, the dollar has fallen from RD$42.35 to RD$31.25, representing over a 25% decrease in cost. Yesterday, more than ever before, the dollar’s price was “subject to change” in the principal banks of Santo Domingo. The greatest change was noted in the “buy” price, however. A quick survey of six of the biggest commercial banks showed that the US currency was selling for between RD$31.25 and RD$33.50, while the dollar was being purchased for RD$27.50 and RD$30.00. Some banks started the day buying dollars at RD$31.50 and by that afternoon were offering just RD$28.00. Freddy Ortiz, the head of the remittance companies association, told El Caribe reporters that there was no justification for the exchange rate activity. Augusto Peignand, the head of the money exchangers’ association, said that such a low exchange rate is not favorable to certain sectors of the economy and admitted that he was confused by the sudden drop in exchange prices. Some people who were questioned said that the lower exchange rate was a positive sign that some confidence was returning to the Dominican economic environment. Check out http://dr1.com/forums/showthread.php?t=26541 to see what people are changing for today.