Peru Sol Posts Biggest Weekly Gain Since 2009 as Copper Climbsby
Copper rises to its highest level in almost four months
Sol fell to 13-Year low last month after copper slumped
Peru’s currency posted its strongest weekly advance since May 2009 amid a broad rally in emerging-market assets and a rebound in copper, the South American country’s biggest export.
The sol rose 0.1 percent to 3.447 per U.S. dollar at the close of trading, extending the week’s advance to 1.8 percent, according to Datatec prices. The currency earlier gained as much as 1.1% in trading on Friday. The central bank sold $30 million in the currency market.
Copper climbed to its highest level in almost four months on speculation China will take measures to bolster growth. A drop in copper prices at the start of this year had fueled a slide in the sol to a 13-year low on Feb. 23.
“There’s increased demand for soles from non-residents, who had been” retreating from Peru’s market in recent months, said Fernando Iberico, an analyst at Lima-based Inteligo SAB.