Mexico’s peso continues to slide at record lows

Mexico’s peso hit a record low on Monday, tracking global markets that have been pressured by fears of a Greek exit from the euro zone after voters in the Mediterranean nation voted against new measures proposed by its creditors.

In early morning trading, the peso hit 15.8625 pesos per dollar, down 0.71 percent from Friday’s close.

Mexico’s IPC stock index also fell after opening, losing nearly 1 percent to 44,640.93 points.

Mexico’s peso has fallen sharply in recent years, losing 7.42 percent so far this year, and 13.18 percent last year.

The steep drop in oil prices, an expectation that the United States will soon raise interest rates, and now, continued volatility surrounding Greece’s future in euro zone, have all conspired to punish the peso. (Reporting by Miguel Angel Gutierrez; Editing by Chizu Nomiyama)

Puerto Vallarta News

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