Published On: Mon, Jul 20th, 2015

Mexico’s peso hits New Low

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Mexico’s peso hits new low, breaks 16 peso per dollar mark.

Mexico’s peso broke the 16 peso per dollar barrier for the first time in early trading on Monday, Reuters data showed.

The peso, which touched 16.0050 peso per dollar, has hit a succession of lows against the greenback this year, prompting the central bank to intervene in support of the currency.

The weight accumulated a devaluation of only 7.30 percent so far in 2015, according to records from the Bank of Mexico.

In bank branches and exchange, the dollar sold retail went up to 16.22 pesos.

Since beginning the government of President Enrique Peña Nieto on December 2012 until Friday -it means 31 months and 17 days of this administration- the peso has depreciated 23 percent, higher than the figure in similar periods in the governments of his predecessors Vicente Fox and Felipe Calderon.

Low oil prices, the fluctuations of the international economy, particularly the United States and the Greek debt crisis also brought negative impact on the value of the Mexican peso.

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