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The exchange rate hit a six-week low during the day, but eventually reversed the trend.
In a favorable international environment for the Chilean peso, and with local market agents trying to anticipate a potential second withdrawal of pension funds, the dollar in Chile began the day deepening yesterday’s decline. But nevertheless, hand in hand with a somersault in the international price, the local parity ended the session in the opposite direction.
After reaching a six-week low with an intraday low of $ 769.05, the exchange rate was regaining ground after noon and finally It was $ 774.04 at the end of the day, according to Bloomberg data, which represents a rise of $ 1.20 compared to yesterday’s close.
In a context in which the largest currencies in the emerging world, for their part, show mixed results at this time, the local currency crossing followed the international trend. The global price of the US banknote –measured through the Dollar Index, which contrasts it with a basket of currencies– went from low in the morning to trading with a rise of 0.05% at this time.
For its part, copper shows a slight recovery, after a shaky week. The metal’s price rose 0.04% today on the London Metal Exchange, ending the session at US $ 3.0366 per pound.
Of all, looking at a greater range of time, this slight rise did not compensate for the previous drops. The value of the North American currency in Chile adds a drop of more than $ 30 from the recent high that marked October 15, when it was over $ 800. However,accumulated a drop of $ 10.5 in October.
This occurred in an environment where Investors continue to watch closely the bill that could bring a second wave of pension fund bailouts, to alleviate the effects of the economic crisis in Chilean households. This week this initiative got its first go-ahead in Congress, when the idea of legislating was approved.
Since it is expected that international assets are a relevant sales focus In the event of new bailouts, because they are more liquid than the local market, investors have been putting pressure on the exchange rate, trying to get ahead of the matter.
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