After hitting historic gains, the Mexican peso registers its first significant loss of the year against the dollar after bankruptcy of Silicon Valley Bank and Signature Bank.
Losses in the Mexican currency began on Fridaybut they continued over the weekend, rising from 17.95 pesos per dollar to more than 18 pesos per unit of US currency.
This Monday, the Mexican peso opened close to 19 pesos to every dollar, but it floated in the early hours of the markets in big trades.
In personal transactions, known as retail transactions, people must pay a little over 19 pesos for every dollaraccording to a report by Western Union and other money transfer companies.
Experts expect these fluctuations to continue as the presidential government moves forward. Joe Biden about the bankruptcy of two American banks and its impact on the economy.
“Americans can have confidence in the safety of the banking system,” President Biden said Monday. “Your deposits will be there when you need them. Small businesses across the country that have deposit accounts with these banks can breathe a sigh of relief knowing they can pay their employees and pay their bills.”
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Source: La Opinion
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