Sol kept stable by $25m government buy, but set to keep rising

The Dollar-Sol exchange rate remained stable yesterday, closing at 3.171 soles to the dollar on the international market. The stability against a general tendency for the sol to rise in value can be partially attributed to the acquisition of $25 million by Peru’s Central Reserve Bank (BCRP).

On the street, the dollar costs around 3.172 soles, while banks are offering an average buying rate of 3.24 soles. 

Banco Financiero trader Francisco Barahona stated that the currency market showed signs of volatility despite a similar rate to yesterday’s at the time of closure.

He told the Andina agency that Peruvians buying soles to pay their taxes with led to an increased supply of dollars, which was offset by the BCRP’s acquisition.

He predicted that next week will bring a further slump for the dollar, as large companies exchange money to pay their taxes.

According to the BCRP, the dollar reached a low of 3.166 soles and a high of 3.171 today, with an average rate of 3.167.

This brings BCRP dollar acquisitions to $625 million so far in May, and $2.86 billion this year to date.

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