According to Alexander Javier Bernaola, Foreign Exchange trader at Renta4 SAB, this was due to the risk of recession in USA and internal factors. “Due to the increase in interest rates and the economic data, everything points to a recession on the part of USA […] In addition, the political noise in the country made the dollar have maximums of S/3.8360″, he indicated.
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In the event that the recessionBernaola pointed out that this might reduce the demand for Peruvian exports in the North American country. “In terms of international trade, we might see a reduction in US demand for Peruvian goods on the food, consumption and energy side, Peru’s exports to USA they are 12% of the total and these three sectors are around 70% of the total exported”, he remarked.
Alberto Arispe, general manager of Kallpa SAB, agreed that both factors drove the price of the dollar and added that it was appreciated for being a refuge currency in the face of the potential recession. “There will be a general shelter in the dollar once morest emerging markets due to lower expectations of global growth and the potential recession“, he pointed.
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It should be noted that this is the first time that the exchange rate exceeds S / 3.80 since last May 9. Likewise, it is its highest price since May 2 when each dollar it had a value of S/3,836.
On the other hand, in the parallel market or the main exchange houses, the green currency was bought at S/3,790 and sold at S/3,835.
copper factor
In addition to the above, the fall in the price of copper has a negative effect on the value of mining shares in Peru. This situation also influences the variation of the exchange rateaccording to Arispe.
“The dollar rises sharply once morest the currencies of the region due to the position of the Federal Reserve of the USA on the rise in rates and the fall in the price of ‘commodities’ that negatively affect them. The sharp drop in copper is the one that affects Peru”, he highlighted.
Yesterday copper futures traded at US$3.68 per pound on the London Metal Exchange, when at the beginning of the week it stood at US$3.77.
Data
- During yesterday’s session, the Central Reserve Bank sold US$162 million at an average exchange rate of S/3.8316 per dollar.
- In addition, it placed bank swaps for sale for US$42 million and US$139 million.
