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The Peruvian sol closed weaker on March 1 at 3.782 per dollar, a 1.19% move against the dollar. The decline followed political turmoil over a possible vacancy of President Pedro Castillo and risk aversion from the Russia sanctions.
The central bank intervened with 600 million soles and sold 70 million dollars to slow the sol's depreciation.
Political risk and risk-off flows weakened the sol, raising the local cost of dollar-denominated feed imports. The move is currency-driven and has little direct effect on grain or oilseed supply.
archyde.comAlexandra Hartman Editor-in-ChiefMar 1, 2022Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
