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Peruvian Sol Holds at Week Low on Government Intervention Pledge

Peru’s sol held at its lowest level in a week after the government pledged this week to intervene to stem the currency’s appreciation.

The sol closed unchanged at 2.5820 per U.S. dollar, according to data compiled by Bloomberg. The currency is down 1.2 percent so far in 2013, the worst start to a year since 2009. It gained 5.7 percent last year.

Finance Minister Miguel Castilla said Feb. 18 the government will sell soles to purchase at least $4 billion to help the central bank offset increased dollar inflows. The monetary authority has bought $3.3 billion this year to stem gains in the local currency, which according to Peru’s financial regulator touched a 16-year high of 2.5390 on Jan. 14.

“The central bank has been very aggressive in the currency market, and the Finance Ministry’s measures are complementing that,” said Rosa Bardales, an analyst at Banco Internacional del Peru SAA. The sol will probably remain near current levels in the coming weeks, she said.

The central bank said on its website it didn’t buy dollars in the currency market today, marking the second trading day in more than four months that it hasn’t intervened in the foreign-exchange market.

The yield on Peru’s 7.125 percent dollar bond due in March 2019 rose three basis points, or 0.03 percentage point, to 2.17 percent at 3:59 p.m. in Lima, according to data compiled by Bloomberg. The price fell 0.22 cent to 128.18 cents per dollar.

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