Chile Exchange Rate


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.

LatinFocus Consensus Forecast panelists expect the peso ending this year at 615 CLP per USD. Next year, the panel sees the currency trading at 616 CLP per USD.

Author: Ricard Torné, Lead Economist

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Chile Exchange Rate Chart

Chile Exchange Rate January 2015

Note: Exchange rate, CLP per USD (eop).
Source: Thomson Reuters

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