The exchange rate of the dollar surpassed S/ 3.50 on Monday, March 30, a level not seen in six months. The last time the dollar was above this threshold was on September 25, 2025, when it reached S/ 3.505. This increase occurs in a context of international uncertainty related to the conflict between Iran and the United States. According to Luis Ramos, head of Equity Strategy at Larrainvial Research, the lack of clarity regarding the duration of the conflict has caused high volatility in the market. “The market didn’t see an end yesterday, but today it does. We are in this ups and downs,” he commented.
Additionally, César Huiman, senior analyst at Renta 4 SAB Peru, noted that the sol has lost approximately 4.2% of its value in the last month. Instability in the Middle East has led investors to seek refuge in safe-haven assets, such as the dollar. This is compounded by pressure on oil prices, which has increased global inflation expectations. However, on March 31, a slight decline in the dollar was observed, driven by statements suggesting a possible closer end to the conflict, which has reignited risk appetite among investors. Despite the initial drop, market volatility persists. Analysts warn that the exchange rate will remain sensitive to new political signals related to the conflict. Amid this situation, it is expected that Peru’s GDP growth will remain solid, with projections of an exchange rate close to S/ 3.30 by the end of the year.
