Economy 08-05-2018

Devaluation: Dollar exceeds 20 Mexican pesos in Banks

The weakening is due to the growing expectation of a rise in the interest rates of the US Federal Reserve.

The Mexican peso is weakened by the rise of the dollar in the day of this Tuesday due to the growing expectation of a rise in interest rates of the US Federal Reserve.

The interbank rate stands at 19.58 pesos per dollar but the country's main banks sell it up to 20.03 reports the newspaper Milenio.

This is the highest level so far this year according to figures from the Bank of Mexico which yesterday placed the change at 19.42 pesos per dollar.

In the last three weeks the Mexican peso has lost strength against the dollar. On April 17 the US currency traded at 17.99 pesos.

Other reasons for its depreciation in addition to the expectation of a rise in the interest rates of the Federal Reserve are the less optimism in the renegotiation of the North American Free Trade Agreement (NAFTA) the political-electoral uncertainty in Mexico and the global strength of the US currency reports Expansión.

RT

 
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