The Mexican peso appreciated this Friday, for the fourth consecutive day, against the American dollar. The currency gained ground a day after the seventh consecutive rate hike in the Bank of Mexico (Banxico).
The exchange rate closed operations at 20.0063 units compared to last Friday’s closing of 20.3707 units, with data from the Banxico. This meant for the Mexican peso to add 36.44 cents or 1.79 percent.
On this day, from a record of 20.0971 units yesterday, the peso gained 9.08 cents, equivalent to 0.45 percent. At its best level of the day, it traded below 20 units, an area not visited since mid-September.
The markets’ attention was focused on closing the week at a meeting of European Union leaders in Brussels, after being accompanied by US President Joe Biden to talk about Russia.
The members of the NATO they discussed the possibility of adding more sanctions against Russia for its military actions against Ukraine. The war has already begun its second month and there are still no agreements in the peace talks.
“The rebound in the appreciation of the Mexican currency has occurred despite the fact that there are no concrete signs of progress in the war in Ukraine and that the Federal Reserve continues to send rate hike signals,” CI Banco said.