The Mexican peso land against reclaimed US Dollar this Monday morning. The local currency appreciated thanks to a drop in the dollar, after falling for four consecutive days until Friday.
The exchange rate stands at 20.6893 units against a record 20.8575 units per dollar on Friday, with data from the Bank of Mexico (Banxico). That means a gain for the peso of 16.82 cents or 0.80 percent.
The cross trades in an open range between a high of 20.8477 units and a low of 20.6654 units. The Dollar Index (DXY), which measures that currency against six measures, trades -0.40% to a level of 96.88 points.
The dollar loses ground against its major pairs after a turbulent week for the markets due to announcements from the Federal Reserve. The peso’s advance also occurs after reaching a low of more than a month.
The Fed said last week that it was likely to raise interest rates in March and reaffirmed its plan to end its purchases of pandemic-era bonds that month and begin reducing its asset holdings.
The peso had previously depreciated to 20.8477 units, after learning that the local economy had shrunk less than expected in the fourth quarter of 2021, but connected two periods in the red.
Reference-www.eleconomista.com.mx