Dollar's strength grows

The U.S. dollar continues to put on muscle. The currency has gained about 2 percent against the colon since June 16, according to the reference rates of the Banco Central de Costa Rica.

The dollar gains about five colons just since Monday, according to figures available early today on the central bank's Web site.

Today's reference rate is 533.65 colons for those who seek to purchase dollars. Those selling a dollars will get 526.73 colons. On April 16, the rate was 523.07 and 516.68.

The rate during the business day of Monday was 521.20 and 528.08 per U.S. dollar.

The reference rate is a number computed by the central bank that reflects the various rates set by public banks, private banks and  money exchange houses. Individual entities can set their own rates within a certain range.

When the dollar gets too strong, the central bank frequently enters into the market and sells dollars to hold the exchange rate. A stronger dollar is great for exporters but not good for those who have to import goods or products such as petroleum.

The dollar had been as low as 490 colons during the high tourist season when many dollars were flowing into the country.