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the exchange rate operated lower on Wednesday a Mexico for the appreciation of the peso after a fall in the previous session, in line with some other emerging economy currencies and in the opposite direction to the dollar that had been rising for a minimum of seven weeks.
In the morning, the dollar price stood at 19.8970 pesos in the market of Mexico, A lower level by 0.32% compared to 19.9600 of Tuesday’s price, according to Reuters data.
Globally, the dollar index, which compares the greenback to six rival currencies, gained in the face of stock market weakness and a resurgence of VOCID-19 cases in countries such as India and Japan. The Mexican peso depreciated in the previous session by 0.72%, after six sessions with gains that took it to its best level in three months.
Gabriela Siller, director of economic analysis at Banco Base, noted that Wednesday’s exchange rate move “is only the result of an adjustment to Tuesday’s session losses.”
“The Mexican peso, along with a small group of currencies, is moving in the opposite direction of the dollar, something that has not happened since Monday, April 5,” the executive added.
For its part, financial group Monex estimated for the session a range of exchange rate fluctuations of between 19.80 and 20.00 pesos per dollar, considering key levels of support at 19.78 and resistance to 20.10 units.