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The Peruvian sol appreciates 0.2%, in line with other currencies in LATAM

Gabriel Micillo•Tuesday, February 27, 2024•1 min read

Like the Chilean peso, the Colombian peso, and the Brazilian real, the Peruvian sol appreciates 0.2% against the dollar on Tuesday.

On Tuesday, February 27th, the exchange rate opened at S/3.7996 with a slight decrease compared to its closing value yesterday at the Central Reserve Bank (BCR). Likewise, in the parallel market, the exchange rate stands at S/3.78 for buying and S/3.81 for selling.

After closing 2023 with a downward trend, the dollar is undergoing a new appreciation in 2024, with some declines like this one.

After a 2023 characterized as one of the worst years for the economy of the country, Peru’s Minister of Economy and Finance, Alex Contreras, has stated that the conditions are in place for 2024 to be the year of recovery.

The government’s forecast is to achieve a Gross Domestic Product (GDP) growth of at least 3%. “Setting aside the atypical year 2023, the Peruvian economy has great growth potential. In general, what we foresee is a recovery, without the temporary factors that have recently played against us,” Contreras told media outlets.

Climate phenomena, especially ‘El Niño’, could have a negative impact on Peru’s economic performance, but the minister has expressed confidence in stability and in investment projects that he expects to materialize in the coming months.

Despite the political crisis currently experienced by Peru and against all odds, the economy of this country boasts of being one of the most stable in the Latin American region. While other currencies have experienced fluctuations, the Peruvian sol has strengthened.

The resilience of the Peruvian sol against other adversities that have managed to hit other currencies has made it a “safe-haven currency,” especially in countries where dollars have become scarce, such as Bolivia.

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ABOUT THE AUTHOR See More
Gabriel Micillo
Gabriel is a certified public accountant graduated from UNNE (National University of the Northeast, Argentina) and a software developer, currently pursuing a Master's degree in Finance and Economics. With nearly 8 years of experience working for accounting firms and brokerage firms. Concurrently, he has produced economic and financial reports on the current state of regional economies for the clients of the establishments where he has worked. Additionally, he assisted colleagues like Ignacio Teson in the drafting and editing of articles on similar topics in English language.
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