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Peru’s Sol Rises From Three-Month Low on Central Bank, U.S. Jobs

Peru’s sol rose from a three-month low as the central bank abstained from buying dollars in the foreign exchange market and a drop in U.S. jobless claims bolstered the outlook for the world’s largest economy.

The sol appreciated 0.3 percent 2.6015 per U.S. dollar at today’s close, according to prices compiled by Bloomberg.

Unemployment benefit applications in the U.S., Peru’s top export market, unexpectedly dropped to a six-week low in the week ending March 2, spurring optimism the economy is strengthening. Peru’s central bank said on its website it didn’t buy dollars in the foreign exchange market today after purchasing greenbacks yesterday for the first time since Feb. 25, spurring the sol to its steepest fall in seven months.

“The sol should appreciate in the course of this year as exports recover, and because of foreign direct investment and demand from the carry trade,” said Roberto Flores, the head of research at Inteligo SAB, a Lima-based brokerage. In a carry trade, investors buy higher-yielding assets with funds borrowed from countries with lower interest rates.

Policy makers increased dollar reserve requirements effective March 1 to weaken the local currency after an increase in capital inflows.

The measure will probably keep the sol in a range of 2.58 to 2.60 in the short term, Flores said.

The yield on Peru’s benchmark sol-denominated bond due August 2020 rose one basis point, or 0.01 percentage point, to 3.78 percent at 2:39 p.m. in New York, according to prices compiled by Bloomberg. The price fell 0.05 centimo to 125.94 centimos per sol.

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