The Peruvian sol took a step backwards on Friday after rising 0.9% on Thursday to 3.2071 soles, rebounding from a two-year low as the central bank bought $60 million worth of the currency.  The sol was up from 3.237 on Wednesday, but closed back down on Friday to 3.2108.

The central bank has purchased $241 million worth of soles so far this month, but at least some punters suspect that the currency must still catch up with its Latin American counterparts that have depreciated more in the past six months.  The sol has dropped 13% since August, for example, against 31% plunges in both Brazil’s real and Mexico’s peso.

“There’s more demand from local and foreign banks for short-term forwards of 30-, 60-, 90-days, up to a year,” Ricardo Villamonte, the head of currency trading at Peru’s largest lender, Banco de Credito, told Bloomberg.  “They see the sol behind other currencies in the region.  There’s a trading opportunity.”