Peruvian economist Mr Alejandro Toledo, who made his name in pro-democracy street protests last year, saw his dream come true when he won the presidency with a narrow victory over leftist Mr Alan Garcia.
His margin of victory was a slender three points - official results with 73.69 per cent of ballots counted gave Mr Toledo 51.83 per cent of valid votes, excluding blank or spoiled papers, to 48.17 per cent for former president Garcia.
But it crowned a 14-month election odyssey for the centrist free-marketeer of poor Andean Indian origins who says he will get Peru's suffering economy on track, create a million new jobs, raise wages, boost education and keep a prudent hand on the country's purse strings after he takes office on July 28th.
"I want to be president of all Peruvians," Mr Toledo said, pledging to improve living standards in Peru.
Wall Street, which had been spooked by the prospect of a re-run of Mr Garcia's economically chaotic 1985-90 government, was also expected to applaud the market-friendly Mr Toledo.
"The market will rally on this," said Ms Lenora Suki, sovereign bond strategist at Santander Investment in New York.
Mr Garcia gracefully acknowledged defeat after failing to persuade voters he would not repeat the hyperinflation, debt crisis, food lines and blackouts that marred his time in office.