Dollar accumulates fall of 0.94% so far this year

Despite the fact that social conflict continues in the country, in recent days the dollar has shown a downward trend.

Thus, so far this year it has accumulated a decline of 0.94%. That is to say, it went from S/3.8200 on January 3 to S/3.7849 on the last Friday, March 3, as reported by the Central Reserve Bank of Peru (BCRP).

In this period, the highest level reached by the US currency is S/3.8710 on February 8 and its lowest level was S/3.7790 on March 1.

In line with these results, the latest survey of Macroeconomic Expectations carried out by the BCRP forecasts an exchange rate of between S/3.85 and S/ 3.90 by the end of 2023. In addition, it expects a minimum of S/3, 85 and a maximum of S/3.92 by the end of 2024. In 2025, it is estimated that the US currency will be between S/3.80 and S/3.94 per dollar.

Factors after the fall

The fall of the dollar in recent sessions is a global phenomenon, after the United States Federal Reserve (Fed) announced that it will raise its reference interest rate at its next meeting, says Omar Azañedo, CEO of Noncash. “It corresponds to some expectations regarding the economic year that we may have,” he mentions.

The economist adds that another factor that has influenced the weakening of the dollar is that growth forecasts for the global and US economies were revised downward.

However, it indicates that Peru will continue with a “high and rising” dollar, around S/3.80 because “the global environment continues to be the same as last year.”