Exchange rate: The exchange rate ended at S/ 3,729

The price of the dollar in Peru closed higher on Wednesday, amid persistent fears that sustained increases in interest rates to deal with inflation could complicate the recovery of the world economy or cause a recession.

The exchange rate ended at S/ 3.729 per dollar, an advance of 0.18% compared to Tuesday’s close, at S/ 3.722, according to data from the Central Reserve Bank of Peru (BCR). So far this year, the greenback accumulates a decline of 6.56% compared to the last price of 2021, at S / 3,991.

“In the local market today we had little liquidity, US$ 82 million were traded at an average price of S/ 3.7316. Supply and demand came from locals”said Asvim Asencios, Foreign Exchange trader for Renta4 SAB.

“The fall in copper has reached its lowest level in nine months and this decreases the flow of dollars that companies received, in addition to this we have more speculation in the market due to the political noise that still exists in the country,” added the expert.

On the other hand, in the parallel market or the main exchange houses, the dollar is bought at S/ 3,710 and sold at S/ 3,745, according to the portal cualestaeldolar.pe.

Regionally, most currencies and stock markets in Latin America fell on Wednesday, amid persistent fears that sustained rises in interest rates to tackle inflation could complicate the recovery of the world economy. or cause a recession.

According to the Reuters agency, the session began with the attention of the markets and investors focused on the testimony of the president of the United States Federal Reserve in the Senate, in search of signs of future monetary policy measures.

The Federal Reserve is “strongly compromised” with the reduction of inflation, which is at a maximum of 40 years, and those responsible for monetary policy are reacting “quickly to do it”US central bank chief Jerome Powell said on Wednesday.

“It is essential that we reduce inflation if we want to have a sustained period of solid labor market conditions that benefit everyone”Powell said in a speech prepared for a hearing before the US Senate Banking Committee.