Dollar plunges due to the currency’s instability on the international market

SANTIAGO.- According to exchange market agents, the steep drop exhibited by the dollar against the Chilean peso today is supported by the external weakness of the U.S. currency and by a market that is closely watching for changes in the prices of raw materials.  

At 10:54 AM, the dollar was trading at $444.70 pesos (buy) and $445.00 pesos (sell), indicating a depreciation of $4.60 pesos (0.5%) compared to the currency’s closing value on Tuesday.

“The international stock markets are mixed and the U.S. dollar continues to weaken against the world’s main currencies”, said one agent. 

Chile is the world’s largest copper producer.  A high price for the metal makes it easier for dollars to enter the national market, helping the peso to appreciate.

A range of variation between $446.00 and $448.50 pesos per dollar has been forecasted for this Wednesday.