Two factors play a role. The first is the relationship that Peru has with the benchmark nation of the dollar, the United States. And the second is the expectation, which consists of “a feeling of risk”.
According to UPC Finance professor Jorge Luis Ojeda, “when interest rates here are higher than in the United States, the exchange rate drops because it is more attractive to place money in soles, then (foreign) capital comes; but when the relationship is reversed, the dollar rises”.
On the other hand, “if we see that here in Peru there is some type of risk, immediately people try to buy dollars and that obviously boosts the dollar.”
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