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Chilean Peso Strengthens for a Fourth Consecutive Week on Copper Prices
Jul 25,2011 10:09CST
industry news
Source:SMM
Chile's peso rose for a fourth week, its longest winning streak since February, as copper prices gained this month.

Jul. 23 (Bloomberg) –Chile's peso rose for a fourth week, its longest winning streak since February, as copper prices gained this month, increasing optimism for economic growth.

The peso rose 0.2 percent for the week to 461.57 pesos per U.S. dollar at 2 p.m. New York time, from 462.52 on July 15. It was down 0.1 percent today.

"Copper has been rising quite strongly, which obviously helps our currency because we are a country that exports the metal on a grand scale," Cristobal Doberti, an economist at Bice Inversiones, said in a phone interview from Santiago.

Chile's one-year interest-rate swap rate, which reflects traders' views of future rates, rose three basis points today, or 0.03 percentage point, to 5.61 percent.

The central bank paid an average of 461.81 pesos per U.S. dollar for $50 million today as part of a $12 billion effort to limit the peso's gain, according to data posted on its website today.
 

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