The peso plummets. The USD exceeds 23 pesos for the first time in its history

The currency was exchanged at 23.08 pesos during this morning’s international negotiations, where most operations are carried out in Mexican pesos.

MEXICO CITY (Times Media Mexico) – This morning, the dollar surpassed 23 pesos for the first time in its history, amidst the chaos of the New York Stock Exchange.

The currency was exchanged for 23.08 pesos this morning in international negotiations, where most operations are carried out with Mexican currency.
It means a rebound of 1.18 pesos from last Friday’s close, according to information from Bloomberg agency.
Banks in Mexico will remain closed on Monday to celebrate the birth of Benito Juarez.

The dollar strengthens despite the fact that the Federal Reserve (Fed) of the United States announced yesterday the largest interest rate cut in 38 years, to contain the economic impacts of the coronavirus in their country.

The authority announced that its rate will now range from 0% to 0.25%, instead of the previous range of 1% to 1.25%. This means a drop of one percentage point and represents the biggest cut since August 1982.

The Yucatan Times
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