South American currencies rise as US dollar slips

The Chilean peso strengthened on Thursday, with the dollar falling to about 924.45 pesos, a 0.65% drop. The move was linked to a positive June Imacec report showing 2.4% annual growth, robust mining, services and trade activity, and a rise in copper prices to US$6.53 per pound, bolstering export earnings.

In Peru, the US dollar closed at S/3.3910 on Tuesday, supported by increased mineral supply and higher global metal prices. The Banco Central de Reserva del Perú reported the lower rate, while Argentina’s official market remained stable and Mexico’s peso stayed below 17.50 per dollar. Both countries cited the broader weakness of the US dollar, which has been pressured by a stronger Japanese yen and reduced global demand for dollar‑denominated assets following the latest Federal Reserve meeting.

Analysts note that the combined effect of stronger commodity prices and a softer dollar is providing short‑term support to several Latin American currencies.