EconomyExchange rate: Why did the price of the dollar...

Exchange rate: Why did the price of the dollar rise to S / 3,979?

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The price of dollar in Peru it closed higher on Wednesday, erasing its losses from the beginning of the day, but remaining below S / 4 in the interbank market. The exchange rate The session ended trading at S / 3.999 per dollar, an increase of 0.45% compared to Tuesday’s close at S / 3.96, according to the Central Reserve Bank of Peru (BCR).

“Many have been taken by surprise by the drop in the price of dollar in Peru the last days. Much of the market wonders if something has changed, and what happened to make this fall possible. Was there a change in expectations in the economic agents that made this movement possible? “, he comments Matías Maciel, CoFounder at Rextie.

“The first thing we must make clear is that the factors that have influenced the evolution of the price of dollar in Peru the last few days have been mostly local. We know that the end of the year is a time when companies usually make important sales of dollarIt is to meet various obligations that accumulate for this part of the year. On the other hand, December 31 is a key date for closing accounting balances, so as we approach that day, companies seek to order their holdings of dollarit is so that, at closing, assets and liabilities in foreign currency show an adequate proportion to their interests “says the expert.

He adds that this, in practice, has generated a significant excess supply of dollarIt is in the market, causing the price of the US currency to fall. “Likewise, in the market there has been an important presence of one of the most relevant players in the market, the AFPs, making sales of dollaris, increasing the supply of the currency in the market “, Explain.

“However, the above, in the international market we have also had relevant signals in recent days. On the one hand, a certain positive expectation generated by the observed lower severity of the Omicron variant for humans, but on the other hand, its greater transmissibility has caused many countries to have to resort to new flight closures or cancellations, affecting activity world economy. The international business climate and investors in the coming weeks will largely depend on the relative importance of the first, with the second “, he assures.

“Finally, we believe it is important to mention that recently we have reached the point where, again and as it was during most of the PPK and Vizcarra government, political noise has once again become a discounted variable and is part of the of the day-to-day business climate in Peru, without affecting the financial variables to a greater extent. This is unfortunate in itself, but positive in the sense that economic agents have already understood that the climate of tension and obstructionism observed is not expected to change in the near future but that, at the same time, they should not represent structural changes in the country’s economy”, he points out.

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