The Chilean peso started the week losing versus most of the 16 main traded currencies as metallic commodities, an important source of revenue for the country, declined today.
Copper exports account for more than a third of Chile’s gross domestic product, and a faltering demand during the past few days has affected the outlook for the peso, since stockpiles are expanding, and the current high rates for metallic commodities may not be compatible to the currency global economic situation and demand.
USD/CLP traded at 558.95 as of 21:13 GMT from an opening price today of 552.55.
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