Chile: Peso strengthens in January
February 2, 2012
On 31 January, the Chilean peso (CLP) traded at 491.6 per USD, which was 5.4% stronger than the level recorded in the same day the previous month and marked, in fact, the strongest end-of-period reading in three months. The strengthening in January contrasted a strong depreciation in December, when the CLP ended at 519.5 per USD. The Chilean peso appreciated on the back of rising copper prices in January, as Chile produces a third of the world's copper and the currency takes cues from the metal industry. However, in annual terms, the CLP lost 1.7% over the same month last year when the peso traded at 483.2 per USD.