The exchange rate depreciation has brought a key decision to the table: to invest in Peruvian soles (S/) for higher returns or in U.S. dollars (US$) as a safeguard against uncertainty.
The U.S. dollar has weakened in the Peruvian market, declining from levels near S/3.90 at the beginning of 2025 to around S/3.48 today, reflecting an appreciation of approximately 10.7% of Peruvian soles so far this year.
Goal Capital's general manager Max Huidobro stated that this sharp drop in the U.S. dollar's value has led many Peruvians to wonder whether it is time to buy dollars while they are cheap, or if it is more convenient to keep their savings in soles and make the most of the more attractive interest rates in local currency.
Stable currency
This scenario reinforces confidence in local currency, which offers higher returns as well: time deposits in soles pay rates between 4.1% and 5.75% annually, compared to the 2.5% to 3.3% range offered by dollar deposits.
According to the expert, this context makes keeping a significant portion of savings in local currency the most profitable and least risky decision for those whose income and obligations are in soles.
"The difference in interest rates clearly works in favor of soles; it also helps avoid exposure to exchange rate risk in the short term," he explained.
Benchmark currency
However, the Goal Capital general manager noted that the dollar remains the world's reference currency, and dismissing its role is not advisable.
Although its value is currently on the downward trend, keeping a portion of savings in dollars still serves as a safeguard.
"If the exchange rate rises in the future, that capital will serve as protection so as not to lose purchasing power. It is not about betting everything on a single currency, but about finding a balance," Huidobro remarked.
His recommendation is to adopt a mixed strategy: between 60% and 70% in soles and between 30% and 40% in dollars.
Thus, one can take advantage of the benefits offered by local currency in terms of returns, while also maintaining a hedge in case the dollar rises again in the coming years.
How to distribute money?
Beyond the choice between soles or dollars, Goal Capital highlights the importance of defining how to distribute money according to each person's risk level and objectives. Not everything should go into a savings account.
"The idea is to divide it into different blocks. One portion can be allocated to secure savings, such as time deposits in soles, which provide stability and a fixed interest," Huidobro stated.
"Another portion can be directed to low-risk investments, such as fixed-income mutual funds or sovereign bonds, which offer moderate but stable returns and are backed," he noted.
The specialist also mentioned that a smaller percentage can be directed toward options with higher earning potential, such as private instruments, international funds, or even equities, always taking into account each saver's risk tolerance.
Diversification
The logic behind this diversification is simple: secure a foundation with conservative instruments that protect capital, add an intermediate block that allows it to grow with low risk, and, if the profile allows, allocate a small percentage to higher-return alternatives.
"Dividing money into blocks prevents everything from depending on a single bet. Even with a low dollar, keeping a percentage in that currency provides flexibility to take advantage of international opportunities," Huidobro indicated.
The general manager stated that the dollar's decline opens a window of opportunity to make strategic financial decisions.
"Soles offer stability and attractive short-term rates, while the dollar maintains its role as a safe haven in times of global uncertainty," he stated.
For Goal Capital, the key is not to be swayed by the immediate situation, but to maintain discipline, diversify across currencies and financial products, as well as make decisions with a long-term perspective.