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The exchange rate traded in on Wednesday Mexico thanks to the appreciation of the peso after a decline in the previous session, in line with some other emerging economies currencies and in the opposite direction of the dollar, which rose from a seven-week low.
In the morning hours the dollar price stood at 19.8970 pesos in the market Mexico, down 0.32% from Tuesday’s price of 19.9600, according to Reuters data.
Globally, the dollar index, which compares the greenback to six rival currencies, won on stock market weakness and a resurgence of COVID-19 cases in countries such as India and Japan. The Mexican peso depreciated 0.72% in the previous session after six sessions with gains taking it to its best level in three months.
Gabriela Siller, director of economic analysis at Banco Base, pointed out that Wednesday’s exchange rate movement is “just the result of an adjustment to losses from Tuesday’s session.”
“The Mexican peso, along with a small group of currencies, is moving in the opposite direction to the dollar, something that hasn’t happened since Monday, April 5,” the executive added.
For its part, the financial group Monex estimated for the session a range of fluctuation of the exchange rate between 19.80 and 20.00 pesos per dollar, taking into account the main support levels at 19.78 and resistance at 20.10 units.