Solid As A Rock

The exchange rate has been heavily influenced by central bank intervention so far this year, which has kept the sol trading in a very tight range at around PEN3.255-3.260/US$ over the past month. Whilst our view of the currency is very much to the upside, as fundamentals continue to please, we expect the central bank's role in the spot market to continue undiminished, and as such, maintain a neutral forecast.

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