The Peruvian sol (S/) has established itself as one of the strongest currencies internationally due to its low volatility, despite a global environment marked by uncertainty.
This was stated by Juan Acosta, professor of the Business Administration and International Business program at the Peruvian University of Applied Sciences (UPC), during an interview with Andina News Agency.
"The sol remains firm amid international uncertainty. Since January, the dollar has depreciated by 4% against the sol, reaching S/3.54 —its lowest value in five years," he underscored.
According to the professor, the main reason behind the drop in the U.S. dollar's value during the first half of 2025 is primarily due to external factors, particularly the economic policy implemented during President Donald Trump's administration.
"These measures include the imposition of tariffs on all countries around the world and the pressure exerted on the Federal Reserve (Fed), the equivalent of our Central Reserve Bank (BCR), as well as the uncertainty surrounding Jerome Powell's continuity as head of the institution," Acosta explained.
"These actions have generated significant uncertainty among investors, who believe such policies could negatively affect the dollar's future performance," he added.
As a result of these events, many investors have chosen to take refuge in assets considered safer, such as gold or the euro, which has reduced demand for dollars and led to a drop in its exchange rate.
The UPC professor also highlighted the sound management of monetary policy in Peru by the Central Reserve Bank (BCR), which has adopted measures aimed at preventing an excessive depreciation of the dollar that could affect those who operate with this currency.
"One of these measures is the use of international reserves, which reached US$87.130 billion as of the end of June—one of the highest figures in the region," Acosta noted.
"This achievement has recently been recognized by various governments, including the Australian one just a few days ago," he added.
Projections for the second half of 2025
In Acosta's opinion, expectations for the second half of this year point to a downward trend—or at least an exchange rate that remains at levels similar to the current ones.
"As for external factors, President Donald Trump continues to implement a strategy based on the imposition of tariffs on various countries, including key trade partners such as Peru," Acosta explained.
"Meanwhile, the BCR maintains a consistent exchange rate policy, as reflected in its sound management of the benchmark interest rate, aimed at controlling inflation and stimulating the economy," he added.
The issuing entity has also steadily increased its international reserves, which strengthens its ability to respond to exchange rate fluctuations.
However, it should be noted that, according to the BCR's latest Inflation Report, expectations for the end of the year still place the exchange rate between S/3.73 and S/3.75.
"This suggests that the market could absorb this uncertainty and correct the recent drop observed in the currency," he warned.