Four days after appreciating to its strongest level against the US dollar in almost nine years, the Mexican peso declined sharply on Friday morning before making up some of the ground it lost.
Bloomberg data shows that the peso’s exchange rate weakened to as low as 16.74 on Friday morning before slightly recovering to trade at 16.66 at midday Mexico City time.
The Mexican peso has strengthened against the US dollar so far this year, but is predicted to weaken by the end of 2024. (Cuartoscuro)
The weaker position represented a 1.8% decline for the peso compared to its closing position of 16.44 to the dollar on Thursday, and a 2.6% tumble compared to the 16.30 level it reached on Monday.
Gabriela Siller, director of economic analysis at Mexican bank Banco Base, said on the X social media platform that the peso was depreciating due to the “expectation” that the United States…
