The dollar in Peru marked its highest price in 2022, this Thursday, September 29, when it was located at S/ 3,9750according to the Central Reserve Bank of Peru (BCRP). In recent days, the trend of american currency was on the rise compared to peruvian solbut despite this, the local currency maintains a positive performance so far this year.
According to the agency Bloombergthe Peruvian sol maintains an advantage of 0.7% compared to the dollar so far in 2022. In this way, it is only surpassed in the region by the Uruguayan Peso (7.3%), the Brazilian real (3.2%) and the Mexican peso (1.8%). The currencies that depreciated the most in Latin America were the Argentine peso (-30.2%), the Chilean peso (-11.7%) and the Colombian peso (-9.9%).
Likewise, the Peruvian sol ranks fourth in the ranking of currencies in emerging markets 2022 of Bloomberg, surpassed by the Russian ruble (30.6%), the Uruguayan peso (7.3%) and the Brazilian real (3.2%). Despite this international panorama, the National currency “It is about to lose its profits against the dollar,” according to the international agency.
The president of BCRPJulio Velarde, stressed during his participation in Perumin 35 that the dollar has a strength similar to that of 2002. However, he indicated that the sol is one of the currencies with the least losses among emerging countries and Latin America. According to the official, Peru is one of the nations with the strongest currency in the region.
One of the factors that most influences the increase in exchange rate in Peru it is the rise of 0.75% in the interest rate of the United States Federal Reserve (Fed).
“This perception that interest rates in dollars are going to be higher is generating a rearrangement of investors’ portfolios and it is also generating some concern that the world economy will slow down more intensely,” said Hugo Perea, chief economist for Peru at BBVA Research, on September 26.
According to the expert, the BCRP It has done remarkable work to “de-dollarize” the Peruvian economy in recent years. “In the past, many Latin American economies had a really bad time when the fed raised rates. Today, with a monetary policy, autonomous central banks, a solid fiscal position, with flexible exchange rates, well-capitalized financial systems, I am not saying that we will be immune, but it will help weather the storm”, he analyzed.