Banco de Credito del Peru (BCP) indicated that the exchange rate could temporarily drop to levels as low as S/3.60 per dollar between March and April of this year.
"There is a temporary factor, which is the income tax regularization in March by companies (which would lead to an appreciation of Peruvian soles)," BCP Economic Studies Department Manager Carlos Prieto said during the presentation of the bank's latest Quarterly Macroeconomic Report.
"Exporting companies have to sell dollars to buy soles and pay income tax. That greater supply of dollars leads to an appreciation of soles," Prieto detailed.
"We do not rule out seeing the exchange rate at S/3.60 or S/3.65, but only temporarily. We maintain our year-end projection at S/3.75 per dollar," he added.
Exchange rate estimates for the end of 2025 are made in a context of solid external accounts, supported by favorable copper and gold prices, according to the BCP.
The U.S. dollar price closed at S/3.669 in the interbank market on Thursday, according to figures from the Central Reserve Bank (BCR).