Chile’s peso strengthened for a fourth day, its longest streak of gains in two months, as an increase in copper prices boosted the country’s export outlook.
The peso rose 0.3 percent to 465.85 per dollar at 10:40 a.m. in Santiago after touching 465.67, the highest intraday level since September 2011. The currency has gained 1.3 percent in four days.
“Copper is higher, and that is having an effect on the exchange rate here,” Jose Giraz, an analyst at XDirect Chile Ltda., said in a telephone interview.
Copper, Chile’s main export, climbed as much as 1.2 percent in New York after a report showed inflation in China slowed more than forecast, easing concern about monetary tightening in the country. A 24-hour strike at mines operated by Chile’s Codelco, the world’s largest copper producer, is being closely monitored for any effects on supply in the market, Royal Bank of Canada said in a report today.
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