Peru: Peruvian sol rises to highest level in more than three years
October 31, 2011
On 31 October, the Peruvian sol (PEN) traded at 2.70 per USD, which represented a 2.5% nominal appreciation compared with the previous month and marked the highest level since April 2008. At the current level, the sol is trading 3.3% stronger than the same month last year. That said, the sol has appreciated an accumulated 3.7% versus the USD this year. The recent appreciation of the sol follows a similar pattern observed in other emerging market currencies, as leaders in the Eurozone continue to struggle to find a solution to the never-ending debt crisis. As a result, slower growth in the Eurozone threatens to derail the global economic recovery.
Author: Ricardo Aceves, Senior Economist