During the week ending Friday, 23 this month currency markets are maintained showing the trend the past three weeks, with the dollar depreciating against the euro and appreciated against the yen. So against the euro, the dollar depreciated by 0.69%, which totaled a decline of 7.00% so far this year, climbed as high as 0.6663 euros per dollar, the lowest level of the last 14 months. Against the yen in the week the dollar appreciated 1.32%, implying an appreciation of 1.29% so far this year, to Friday, 23 dollar price rose from 92 yen. The dollar is showing an uneven evolution, showing a clear trend towards depreciation against the euro and other currencies and against the yen appreciation. The depreciation against the euro keeps consistency

with economic fundamentals, aligned with the requirements of a more balanced trade relations between countries and with the appropriate balance between saving and consumption within countries. However, this alignment is not seen in the relationship between the dollar and the yen. The stronger euro is accentuated by the policy of fixing the exchange rate against the dollar from certain countries, especially China, which heightens the appreciation of the European currency. During the week, also contributed to the euro's appreciation the statements of certain European economic authorities in connection with a provision to tighten monetary policy and end the economic stimulus policies, as they begin to appreciate more and more pronounced signs of economic recovery in several key countries in the international arena. During the week the signs of economic recovery in China had a special announcement will confirm in the growth of 8.9% in the third quarter of this year compared to last year. This growth, less dependent on the trade imbalance with the U.S.. and with a greater foundation in domestic demand, gives greater confidence in terms that relate to the foundations of a larger international macroeconomic balance. However, it remains to know how much of this recovery is generated by self-sustaining forces and how much by the economic stimulus programs. Dollar-Sun During the week there was a lull in the downward trend of the dollar relative to the sun. So, from Friday 16 to Friday 23, the rate increased from S/.2.8545 per dollar S/.2.8705, a 0.56% appreciation of the dollar. This break is due to dollar purchases by the central bank in recent weeks, culminating on the last Tuesday and by the realization of gain on exchange of certain market participants. In the first two days of the week, the sun was a continuation of his career appreciative, in line with economic fundamentals, as well as dollar selling by foreign investors and the business sector. In this context, the central bank maintained its purchasing behavior of the U.S. currency, easing the exchange rate developments. Thus, during the Monday and Tuesday, the bank's purchases totaled $ 148 million, at a rate slightly above S/.2.85. In the second half of the week reversed this trend, at least momentarily, and the dollar appreciated to reach S/.2.87, with a central bank stopped intervening in the currency market. The continued central bank interventions have been successful in terms of giving some confidence to operators that do not have abrupt changes in the behavior of the dollar. Thus, the dollar was allowed a breather in its evolution and showed some recovery of value in the second half of the week. The central bank's interventions increased net international reserves of the bank at more than U.S. $ 1,000 million, reaching record of more than U.S. $ 33,000 million. Also, dollar purchases by the bank to liquidity in soles and dollars in the market, causing a rise in dollar interest rate and lower interest rates in soles in the interbank market. During the week the central bank eased foreign investment restrictions on the PFA, 20% to 22%, which may help mitigate the depreciation of the dollar. So far this year, the depreciation of the dollar relative to the sun is 8.4%.