Peru’s Sol Seen Ending 2013 at 2.6 Per Dollar – Bankers

The Peruvian sol could finish the year at 2.6 per U.S. dollar, which would involve an appreciation from its current rate, according to private banking association Asbanc.

“The price of the dollar could decline a little and finish the year at 2.6 or 2.63 soles, according to forecasts, even though it is difficult to make predictions about the exchange rate,” Asbanc President Oscar Rivera said, according to state news agency Andina.

At the end of the July, the sol was trading at about 2.78 per dollar, which is a depreciation of more than 9 percent against the dollar since the start of the year.

The sol appreciated 5.4 percent in 2012 and about 5 percent in 2011 as strong economic growth attracted foreign investors to the Andean country.

The sol has weakened so far this year as the economy begins to slow and on signs that the U.S. Federal Reserve plans to ease back on its quantitative easing program.

Asbanc forecasts that Peru’s economy will increase 6 percent this year, which is similar to the government’s forecast but higher than the outlook from many private-sector economists.

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