Peru: opening dollar rate today July 8 from USD to PEN

Peru: opening dollar rate today July 8 from USD to PEN
Peru: opening dollar rate today July 8 from USD to PEN

The Peruvian sol is one of the most volatile currencies in Latin America. (Infobae)

He American dollar is quoted in today’s session at 3.79 soles on averagewhich represented a change of 0.04% compared to the figure from the previous day, when it ended at 3.79 soles.

In the last week, the American dollar records a drop in 1,18%%; on the other hand, for a year now it has still maintained an increase of 5,68%.

If we compare the data with previous dates, this value breaks the streak that it had in the previous five days. The volatility figure is visibly lower than the accumulated figure in the last year, presenting itself as a value with fewer changes than usual in recent dates.

After a 2023 catalogued as one of the worst years for the economy, the Minister of Economy and Finance of Peru, Alex Contrerashas maintained that the conditions are in place for 2024 to be the year of recovery.

The government’s calculation is to achieve a Gross Domestic Product (GDP) growth of at least 3%. “Leaving aside the atypical year 2023, Peru’s economy has a great capacity for growth. In general, what we foresee is a recovery, without the temporary factors that have played against it recently,” Contreras told the press.

Los climatic eventsespecially ‘El Niño’, could have an unfavourable impact on the country’s economic performance, but the minister has expressed confidence in the stability and investment projects that he hopes will be consolidated in the coming months.

Despite the political crisis that Peru is currently experiencing and against all odds, the economy of this country boasts of being a of the most stable of the Latin American region, because while other currencies have experienced fluctuations, the Peruvian sun has been strengthened.

The coronavirus pandemic generated a series of negative economic effects worldwide – such as inflation – which, combined with Russia’s invasion of Ukraine and local monetary policy decisions, have been weakening the dollar.

However, the Peruvian currency has shown resilience to these events and has strengthened against the greenback and the euroIf the positive factors that have supported the sol in recent months continue, the currency could continue its same streak in the coming months and even years.

The Peruvian sol is one of the most stable currencies today. (Reuters)

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

Although economic analysts have lowered their expectations for growth of the Peruvian sol for the next two years, macroeconomic balances are nevertheless expected to continue to support the sol.

The sol has been the legal currency in Peru since 1991 and replaced the intiwhich circulated between 1985 and 1991, was initially also called “new Sun” to differentiate it from its predecessor, but by 2015 it was simply called the sun.

The origin of the new sol is understood after the world crisis of 1929, which led to a deep economic and currency crisis in the country, as well as the creation of the Central Reserve Bank of Peru. It was during the first year of Alberto Fujimori’s government that the new sol was promoted to balance the hyperinflation and reorganize the economy.

After it came into force, one sol was equivalent to one million intis or one billion “old” soles; today the currency is divided into 100 cents and its issuance is regulated by the Central Reserve Bank of Peru.

Currently circulating coins of 10, 20, 50 cents, 1, 2 and 5 soles and bills of 10, 20, 50, 100 and 200 soles. 1 cent coins were also minted before, but these were withdrawn from circulation in May 2011, while 5 cent coins were withdrawn from circulation in January 2019.

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