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Peru’s Sol Climbs as Europe Optimism Outweighs Cabinet Shuffle

Peru’s sol climbed the most in two weeks as concern about Europe’s debt crisis waned, spurring demand for emerging-market assets.

The sol rose 0.2 percent to 2.696 per U.S. dollar at 10:39 a.m. in Lima, from 2.7015 yesterday, according to Deutsche Bank AG’s local unit.

Global stocks and commodities rallied today after German investor confidence unexpectedly increased and Spain sold more debt than planned at an auction. The currency snapped an eight-day rally yesterday as President Ollanta Humala swore in 10 new cabinet ministers in the wake of mining protests.

“Positive news abroad today is pushing the cabinet changes into the background,” said Gonzalo Navarro, the head trader at Banco Santander in Lima.

The sol will likely continue its advance this month as companies seek the local currency to make year-end bonus and tax ‘payments, Navarro said.

The yield on Peru’s benchmark 7.84 percent sol-denominated bond due August 2020 was little changed at 5.75 percent, according to pricing from Citibank Peru. The bond’s price held at 114.10 centimos per sol.

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