The exchange rate It traded down on Wednesday at Mexico Due to the appreciation of the peso after its decline in the previous session, in line with some other emerging economies ’currencies and in the opposite direction of the dollar, which rose from its lowest level in seven weeks.
In the morning hours, dollar price Its price reached 19.8970 pesos in the market MexicoDown 0.32% from Tuesday’s price of 19.9600, according to Reuters data.
Globally, the dollar index, which compares the US currency to six competing currencies, has been gaining ground on weakness in stock markets and the resurgence of COVID-19 cases in countries such as India and Japan. The Mexican peso fell in the previous session by 0.72%, after six sessions with gains that brought it to its best level in three months.
Gabriela Seeler, Director of Economic Analysis at Banco Base, noted that Wednesday’s exchange rate movement “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 to the dollar, which has not happened since Monday, April 5,” the executive added.
For its part, Monex Financial Group estimated for the session the extent of exchange rate volatility between 19.80 and 20.00 pesos per dollar, taking into account the key support levels at 19.78 and resistance at 20.10 units.