Peru Sol Gains Most in Three Months as U.S. Outlook Spurs Copper

Peru’s sol rose the most in three months as copper rallied on prospects the U.S. budget crisis will be resolved.

The currency appreciated 0.4 percent to 2.5980 per U.S. dollar in trading today, the most on a closing basis since July 26, according to Deutsche Bank AG’s local unit. The central bank said it bought $20 million in the spot market today, paying an average 2.5980 soles per dollar.

Copper, Peru’s top export, climbed the most in nine weeks as optimism that U.S. officials may reach a deal to prevent $607 billion of automatic tax increases and spending cuts from taking effect in January boosted the outlook for global growth and demand for the metal. House Speaker John Boehner and White House Press Secretary Jay Carney both described a Nov. 16 meeting with President Barack Obama as constructive.

The yield on Peru’s benchmark 7.84 percent sol-denominated bond due in August 2020 was little changed at 4.25 percent, according to data compiled by Bloomberg. The price rose 0.03 centimo to 123.26 centimos per sol.

To contact the reporter on this story: John Quigley in Lima at jquigley8@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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