Chile: Chilean peso reaches weakest point in over five years
January 15, 2015
In January, the Chilean peso has been depreciating against the U.S dollar, continuing the trend that began in February 2014. The currency closed 2014 at 606.9 CLP per USD, which represented a 15.5% depreciation compared to the same day of the previous year. Lately, the peso has continued to lose ground against the U.S dollar. On 14 January, the peso traded at 625.8 CLP per USD, which was 1.1% weaker than on the same day last month and 18.1% weaker on an annual basis. On 14 January, the currency reached its weakest point on 14 January since February 2009, when it traded at 626.8 CLP per USD.
The depreciation of the Chilean peso comes as a result of a weaker growth outlook in 2015. In addition, copper prices, the country’s main export product, have slumped as a result of cheaper oil and decreasing demand from China.