A congressional committee in Peru has dismissed an investigation into President Dina Boluarte over allegations she accepted Rolex watches as bribes.

The decision by the subcommittee means Boluarte - whose approval ratings are in single digits - is shielded from impeachment proceedings while in power.

However, she could still potentially face charges when she leaves office next year and loses her presidential immunity.

The corruption inquiry, dubbed "Rolexgate", saw her home raided by police in March 2024, with authorities searching for more than a dozen luxury watches Boluarte had allegedly not declared.

The investigation began after a news report drew attention to luxury watches she wore at public events.

The raid took place after prosecutors refused her request for more time to respond to a subpoena asking her to provide proof of purchase for her watches. The government palace was also raided.

Peru's government last year described the raid as "disproportionate and unconstitutional".

Boluarte had insisted she entered government "with clean hands" and that she would "leave it with clean hands", claiming her Rolex was an old item that she bought with the proceeds of working since she was 18.

The president also faces a separate probe over an unannounced two-week absence in 2023 for a nose surgery during which she did not delegate powers.

Boluarte became president after her predecessor, Pedro Castillo, was impeached when he tried to dissolve Congress and rule by decree.

Dozens of people were killed in clashes following Castillo's ousting in violent protests that called on Boluarte step down.

The next presidential and legislative elections will be held in April 2026.