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Peruvian Assets Rally as Sagasti Tapped to Fill Power Vacuum

  • Francisco Sagasti, ex-World Bank official, seen as calming
  • Peruvian sol leads gains in emerging markets, bonds rally
Francisco Sagasti waves to the crowd after Congress chose him to become the nation’s third president in the span of a week in Lima on Nov. 16.
Francisco Sagasti waves to the crowd after Congress chose him to become the nation’s third president in the span of a week in Lima on Nov. 16.Photographer: Rodrigo Abd/AP Photo
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Peru’s currency and bonds rallied after its besieged congress chose a U.S.-trained engineer and systems analyst to be the nation’s president -- the third in less than a week -- in a bid to restore some measure of calm.

Lawmakers on Monday chose Francisco Sagasti, an elder-statesman legislator with extensive consulting experience at home and abroad, to lead a new government by electing him head of congress.