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Peru Sol Falls on Central Bank Intervention, Pension Fund Limit

Peru’s sol depreciated for a second time this week after the central bank stepped up dollar purchases and signaled it will let local pension funds increase foreign investments.

The sol slid 0.1 percent to 2.5930 per U.S. dollar at 12:48 p.m. in Lima, according to prices from Datatec. The currency has weakened 1.6 percent this year after rising 5.7 percent in 2012.

The monetary authority bought $40 million yesterday, double what it purchased in the previous two sessions, and has amassed $3.9 billion since Jan. 1 to weaken the sol after inflows surged in 2012. Policy makers plan to ease restrictions on pension funds’ foreign investments for a third time this year, central bank President Julio Velarde said yesterday.

“The market is getting the message that they want the sol to be near 2.60” in the short term, Pedro Tuesta, a Latin America economist at 4Cast Inc., said by phone from Washington. “There is not much being traded. They see the central bank coming in all the time, even when the sol is depreciating.”

The yield on Peru’s benchmark 7.84 percent sol bond due in August 2020 declined one basis point, or 0.01 percentage point, to 3.79 percent, according to data compiled by Bloomberg. The price climbed 0.09 centimo to 125.73 centimos per sol.

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