Peruvian sol weakens to 3.416 per dollar as BCR intervenes

The exchange rate closed at 3.416 Peruvian soles per dollar on Thursday, September 24, up 0.68% from 3.393 soles in the previous session. During the day, the pair fluctuated between 3.390 and 3.416 soles. Total traded volume reached 521 million dollars, driven by net demand in spot and hedging operations of around 250 million dollars. In response, the Central Reserve Bank of Peru (BCR) auctioned foreign exchange sale swaps for 500 million soles.

The move aligned with global dollar strength, as the US Dollar Index (DXY) rose around 0.2% to two-month highs. Jorge Luis Huayta, FX trader at Kambista, stated that US Treasury yields remained elevated amid rising expectations of a Federal Reserve rate hike in October. The 10-year yield reached 5.15% and the 30-year yield touched 5.446%, while the market-implied probability of an October hike rose from 55% to 69% in one week. In addition, Jesús Flores Ríos, commercial manager of currency intermediation at Renta4 SAB, noted that the US services PMI rose to 58.7 points, beating the expected 55.8 and the prior 56.5.

Across the region, the Colombian peso fell 1.92%, the Mexican peso lost 0.82%, the Brazilian real dropped 0.41%, and the Chilean peso declined 0.10%. In commodities, WTI crude gained 2.80% to approximately 94.74 dollars per barrel, while gold slipped 0.4%, silver fell 1.1%, and copper dipped 0.15%.

On the domestic front, heavy rain alerts from Senamhi kept attention focused on risks related to the El Niño phenomenon for sectors including agriculture, fishing, and textiles.