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Peru Sol Posts Weekly Gain on Higher Inflows as Copper Climbs

Peru’s sol rose this week on speculation higher prices for metals, including copper, will continue to lure foreign investment into the country.

The sol climbed 0.1 percent in the past week to 2.7685 per U.S. dollar at 3:09 p.m. New York time. It was little changed today from 2.7678 yesterday. The currency has gained 1.4 percent this year.

“We’ve been seeing foreign investment come into Peru, helped by higher commodity prices,” said Mario Guerrero, a senior analyst at Scotiabank Peru in Lima. “Those flows should continue, helping the sol maintain its strengthening trend.”

The central bank this week bought $115 million to ease gains in the sol after it touched a 32-month high of 2.7634 on Feb. 2. Banco Central de Reserva del Peru didn’t buy or sell dollars in the foreign exchange market today, it said on its website.

Peru’s economy may grow as much as 6.5 percent annually through 2015, bolstered by developing countries’ demand for commodities including copper, silver and zinc, the government said in a report published Jan. 10.

Copper today extended a rally to a record on bets that the global economic recovery will boost consumption of the metal used in cars, homes and appliances while mining companies struggle to increase production.

The nation’s sol bonds fell after the government exchanged fewer bonds than expected in a debt swap this week, Guerrero said.

2020 Bonds

The yield on Peru’s benchmark 7.84 percent sol-denominated bond due August 2020 rose 1 basis point today, or 0.01 percentage point, to 5.98 percent, according to Deutsche Bank AG’s local unit. The bond’s price fell 0.08 centimo to 113.36 centimos per sol.

Peru swapped 77.3 million soles ($28 million) of local bonds after offering to buy back as much as 1.75 billion soles of securities due August 2011, January 2012 and August 2017 in return for sol securities due August 2026. Only holders of the 2017 debt agreed to the offer, the Finance Ministry said in an e-mailed statement today.

The ministry had offered to buy back the 2011 securities at 104.3474 centimos per sol, the 2012 debt at 104.9232 centimos per sol and the 2017 at 118.0157 centimos per sol. In exchange, it offered the 2026 debt at 122.7347 centimos per sol.

“The prices didn’t provide much incentive to move into longer maturities,” Guerrero said.

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