Since Friday, Sept. 9, the Mexican peso has lost value at rates not seen since June 24 of this year. The price of the dollar broke the 19-peso ceiling on Friday, after remaining under that level for almost a month, and the peso has continued to lose ground against the dollar every day since.
As Mexico City currency markets closed Wednesday, the dollar was being sold for 19.50 pesos, 12 centavos more than on Tuesday, and banks were purchasing the dollar for a minimum of 18.68 pesos.
The euro was sold at 21.88 pesos, a 21-centavo increase from the day before, while the pound and yen were sold at 25.74 pesos and 0.206 pesos, respectively.
Mexico’s Central Bank (Banxico) set the official exchange rate at 19.2275 pesos per dollar, which represents a loss in value of 0.75 percent for the peso.
The phase of high volatility that began last Friday may last until the end of the year, and is related to speculation about an interest rate hike by the U.S. Federal Reserve, instability of international petroleum prices and the U.S. presidential election.