Chilean Peso Falls to 938.09: Complete Market Analysis for March 13, 2025
The Chilean peso is trading at 938.09 CLP per USD as of this morning (March 13, 2025), showing a slight weakening from yesterday’s close of 935.45.
This represents approximately a 0.28% depreciation overnight, continuing the volatile pattern seen throughout early March. The Chilean peso experienced mixed trading on Wednesday, March 12, 2025.
The currency initially traded at 930.51 in early sessions, before weakening to close at 935.45 against the greenback. This represented a decrease of 7.23 pesos or 0.77% during yesterday’s trading day.
Market participants attributed this movement to persistent global uncertainty and ongoing domestic economic challenges facing Chile.
Overnight Developments
Asian trading pushed the peso slightly lower overnight as investors reacted to shifting commodity prices, particularly copper futures which experienced modest selling pressure.
The currency continued its weakening trend from late Wednesday, eventually settling at the current 938.09 level as European markets opened.
Key Market Factors
Chile’s central bank decision to maintain its policy interest rate at 5% since January 2025 continues to influence currency markets. This cautious monetary stance reflects ongoing efforts to combat inflation, which reached 4.2% in November 2024. Financial experts widely expect inflation to gradually return to the central bank’s 3% target by early 2026.
Live Market IntelligenceChile — Live Market Board
Rio Times · Live Market Intelligence
Chile — Live Market Board
-0.70%
176,010.90
-0.36%
66,399.71
-0.17%
10,947.38
-0.70%
3,291,246
+1.92%
2,292.03
-0.29%
57,174.37
—
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IPSA | 10,947.38 | -0.70% | — | 11,024.10 | 11,039 | 10,920 | 969,842,952 |
| USD/CLP | 925.20 | -0.15% | -4.31% | 926.57 | 925.31 | 924.93 | — |
| COPPER | 6.36 | +0.44% | +14.64% | 6.33 | 6.39 | 6.34 | 1,658 |
| SQM-B | 66,050 | -2.72% | +87.11% | 67,900 | 67,890 | 65,200 | 551,487 |
| COPEC | 6,126 | -1.35% | -0.79% | 6,210 | 6,260 | 6,105 | 518,809 |
| BSANTANDER | 78.16 | -0.61% | +36.64% | 78.64 | 78.99 | 77.01 | 51,952,770 |
| FALABELLA | 5,853 | -0.37% | +20.93% | 5,875 | 5,919 | 5,835 | 812,537 |
| ENELAM | 84.80 | -1.11% | -7.18% | 85.75 | 85.75 | 84.21 | 47,272,552 |
| CENCOSUD | 2,005 | -1.72% | -35.07% | 2,040 | 2,057 | 1,991 | 2,641,807 |
| CMPC | 1,074 | -2.63% | -19.85% | 1,103 | 1,110 | 1,074 | 910,185 |
| BANCO CHILE | 188.88 | -0.33% | +38.58% | 189.50 | 191.21 | 186.16 | 44,030,989 |
| LATAM AIR | 25.40 | +2.01% | +26.18% | 24.90 | 25.54 | 24.80 | 733,289,751 |
| SOUTHERN COPPER | 181.54 | -0.46% | +94.67% | 182.38 | 184.75 | 176.75 | 1,372,789 |
Commodity Connection
The peso’s recent performance remains heavily influenced by copper prices, which currently hover near $4 per pound. As the world’s largest copper producer, Chile’s currency maintains a strong correlation with the industrial metal.
The interplay between a resilient US economy and China’s continued economic weakness directly affects copper demand and pricing, subsequently impacting the peso’s valuation.
Technical Analysis
The USD/CLP pair has been trading within a defined range of 923-945 over the past week, with key resistance at the 945.48 level seen on March 5 and support at 923.73 observed on March 6.
The current 938.09 level sits near the upper boundary of this range, suggesting potential for consolidation or a technical correction if support levels hold.
Market Forecasts
Trading Economics predicts the USD/CLP exchange rate to reach 934.22 by the end of this quarter, with a longer-term forecast of 948.35 in one year. This aligns with broader analyst expectations that the peso will generally trade sideways through 2024 in a CLP920-CLP1000 per USD range.
Growth Outlook
The International Monetary Fund projects Chile’s economy to grow between 2% and 2.5% in 2025, representing an improvement over previous years but remaining below historical averages.
This modest growth trajectory, coupled with the central bank’s inflation management efforts, is expected to provide some underlying support for the currency in the medium term.
Looking Forward
Market participants are closely monitoring upcoming copper production data and central bank communications for signals about future monetary policy direction.
A synchronized global policy easing cycle anticipated later this year could provide substantial support to the peso. Some analysts predict this could drive appreciation to around CLP880/USD by the end of 2025.
The peso has shown resilience despite recent volatility, with today’s rate at 938.09. This reflects the complex interplay of domestic economic conditions, commodity market dynamics, and global economic trends.
In depth
Read More from The Rio Times