Chile: Chilean peso slides in November
December 1, 2011
On 30 November, the Chilean peso (CLP) traded at 515.6 per USD, which represents a 5.0% nominal depreciation over the 489.9 CLP per USD recorded on the last day of October. In annual terms, the peso depreciated a nominal 5.5% against the U.S. dollar. Copper prices play an important role in the currency's depreciation, as the peso often takes trading cues from the metal industry. The Central Bank, meanwhile, has maintained its USD 12 billion currency-intervention program, which was created at the beginning of the year and designed to pin down the strengthening peso and offset spill-over effects from the metal industry.