Price of the dollar today in Peru: what is the exchange rate for this Wednesday, February 28

The best time to exchange or sell dollars is in the morning, and the best time range is from 9:00 am to 1:00 pm, that is, at the opening of the foreign exchange market where financial entities or exchange houses offer their best prices.

Since the dollar is going down, it is good to know why this is happening. The price of the dollar increases or decreases when it is affected by supply and demand. If there is greater supply than demand, the price falls. But if demand exceeds supply, the price increases.

The dollar opened with a slight increase on Wednesday, February 28, 2024 and stood at S/3.7905, according to Bloomberg. This means an advance of 0.07% compared to the close of the day before, when it was quoted at S/3.7880, according to the Central Reserve Bank of Peru (BCRP). So far this year, it has accumulated a variation of 2.19%.

For several years, in our country the term “coconut” has been used to talk about the US dollar. For this reason, in the Banco de Crédito del Perú (BCP) there is a product called “Cocos y Lucas” to exchange dollars and soles.

Although it sounds somewhat curious, this name is given to this currency because George Washington appears on the one dollar bill, who in Spanish is Jorge and these people are called “Coco.”

Video: The Republic

The exchange rate announced by Sunat is a reference for tax issues, it states Jorge Carrillo Acosta. “It is used so that a person can know what type of exchange he records in his accounting during the purchase, sale or in his tax return.”

For example, a company that has its accounting in soles and buys something in dollars, has to use the sales exchange rate on the day of the transaction (the day the invoice is issued). On the other hand, “if I sell in dollars but have accounting in soles, I will have to use the purchase exchange rate with the date (that I sold my good or service).”

“In the case of natural persons, if I issue a receipt for fees in dollars, I have to take into account to pay taxes the Sunat exchange rate, the day of collection, the date that I collect or pay me that receipt.”

Two factors influence. The first is the relationship that Peru has with the dollar’s reference nation, the United States. And the second is expectation, which consists of “a feeling of risk.”

According to UPC Finance professor, Jorge Luis Ojeda, “when interest rates here are higher than in the United States, the exchange rate goes down because it is more attractive to place money in soles, then (foreign) capital comes; But when the relationship is inverse, the dollar rises.”

On the other hand, “if we see that here in Peru there is some type of risk, people immediately try to buy dollars and that obviously drives the dollar up.”