For the fist time in history, the U.S. dollar broke the 19 peso barrier in banks, due to a small rise in the price of oil.
Thursday morning the trajectory looked good for the Mexican peso, until midday when the peso began to plummet next to the dollar. It fell to a historic maximum of 19.1 pesos per dollar and minimum of 18.6 pesos per dollar.
The dollar rose 1.34 percent, or 24.8 cents against the local currency, a devaluation that implies a new historic exchange rate of 18.78 pesos per dollar.
Despite the U.S. dollar’s rise in the morning, Mexico’s Central Bank (Banxico) did not need to execute any sort of dollar auction in order to maintain the market.
During the fourth session of the week, the exchange rate fluctuated between 18.43 and 18.8 pesos per dollar. The euro varied between 1.07 to 1.09 dollars and between 19.87 and 20.46 pesos.
National Action Party (PAN) and Democratic Revolutionary Party (PRD) representatives told government authorities to leave their optimism aside and to recognize the critical economic situation of the country. Nevertheless, the president of the Public Budget and Accounts Commission and member of the Institutional Revolutionary Party (PRI), Baltazar Hinojosa, said that the government has taken the appropriate measures to confront the situation.
He said that the rise of the dollar should not impact the prices of products.
“We need to remain calm. Obviously this is a moment in which we need to act and I think that the government is acting in the best way possible,” Hinojosa said.
more recommended stories
U.S. Secretary of State Mike Pompeo says new Mexican government ‘great’ on immigration
WASHINGTON (Reuters) – On Wednesday December.
Wedding Planners from the United States and Canada fall in love with Yucatan
Because of its cultural, gastronomic, artistic.
Make Your Play in Yucatán
Yucatán Peninsula casinos and hotels are.
Will the Maya Train project put the jaguar population in risk?
Businessman José María Riobóo name was.
Take the new guided tour of Mérida’s Paseo de Montejo!
On December 10, The City of.
Photo of child playing and bathing in a river with jaguars goes viral
The image of a child swimming.
Activists and municipal authorities clean up the “Ek Bis” cenote in Hoctún, Yucatán
Around 70 people, including volunteers and.
Tonantzin, the deity behind the Virgen of Guadalupe cult.
The virgin of Guadalupe has been,.
López Obrador acknowledges effectiveness of the Yucatan Police
Mexican president Andrés Manuel López Obrador.
Number of foreign tourists in Mexico grows by 6.5%
The tourism industry in Mexico continues.