Who wins and who loses when the dollar drops in Peru?

A weaker USD/PEN affects every sector differently. Most households benefit from a stronger sol, yet some exporters and families that rely on dollar inflows take a hit. Analysts quoted by RPP agree there are more winners than losers when the sol appreciates. Here’s how the balance looks today.

Winners when USD/PEN falls

Consumers and import-heavy companies

Cheaper dollars lower the cost of fuel, grains and finished goods, softening imported inflation (RPP). Retailers, manufacturers and distributors that pay suppliers in USD can pass on lower prices or expand margins. The BCRP highlights that a cheap dollar “raises purchasing power for imported goods,” directly helping households (RPP).

People with dollar debt

Mortgage, vehicle and business loans denominated in USD become cheaper to service when the exchange rate drops (RPP). It’s a good time to prepay principal or refinance if your income is mostly in soles.

Travelers and students abroad

Buying dollars for trips, tuition or overseas transfers is suddenly cheaper, so outbound tourism and education cost less in soles (RPP).

Losers when USD/PEN falls

Exporters and agribusiness

Exporters paid in USD receive fewer soles after conversion, squeezing margins—especially for agribusinesses and SMEs with thin profitability (RPP). Still, non-traditional exports grew ~24% between April and July thanks to high prices and volumes, which has cushioned the blow (RPP).

Families that receive remittances

Households that depend on USD remittances now get fewer soles for every 100 dollars sent (RPP). Timing conversions and diversifying savings into soles can help preserve purchasing power.

Inbound tourism

A stronger sol makes Peruvian destinations pricier for foreign visitors. While safety and experience weigh more, tour operators note some loss of price competitiveness if the USD keeps falling.

Overall balance: positive for inflation and households

Lower fuel and input costs help contain inflation and logistics expenses (RPP). Exporters with thin buffers may need hedging, but a moderately low and stable exchange rate remains manageable for Peru’s economy.

Action steps

1. Pay down dollar debt if your income is in soles.
2. Use FX hedges (forwards, natural hedges) if you export or import in size.
3. Diversify savings instead of holding 100% in USD when your expenses are in PEN.

Download the LupaDólar app

Stay on top of USD/PEN, set custom alerts and watch historical spreads directly on your iPhone. Download the official LupaDólar app on the App Store to react as soon as the dollar moves.