Mexican meat markets have plunged as the U.S. dollar slumped to a five-year low, a day after a stock market crash.
The peso dropped as much as 6.2 percent to 88.85 per dollar, the lowest in a month, as traders piled into futures markets as a weak dollar and a weak stock market hit the market.
A Reuters poll showed that the peso’s fall was the worst since June.
The dollar has been the world’s main currency, and it has dropped by more than 70 percent since the election of President Enrique Pena Nieto.
Mexico’s central bank, which controls currency rates, has been urging its citizens to stay away from the pesos, as it has for many years.
The central bank said it will issue another note of 10 pesos ($3.14) to hold the pesoan against the U: dollar, while its other currency rate will be kept at 6.5 pesos.
The stock market, which is the world champion, dropped more than 50 percent from its peak of $1,400 per share in late July, before it rebounded by more then 70 percent on Monday.
The dollar index is down about 4.6 percent from Monday’s peak.
It was up more than 7 percent at $1.2777 on Monday before hitting a new record low of 86.82.
The euro fell to $1:1.1564 from $1 in early trading, while the yen slipped to 96.30 from 103.30.
Mexico has been under a currency blockade for more than a year.
Written By
It is the year 2018 and there is an ever-growing segment of the market that will be looking to get into the corner.In the last 12 months, the number of corner-related businesses has more than doubled to more than 1,300 and now the business of selling and buying goods and services in the corner has become a major business in the town.This sector is growing rapidly.According to the World Bank, the c...
Share this article Share In order to understand the true value of an organic marketer, you must understand how an organic farmer is different from a traditional farmer."Organic farmers grow their own food, while conventional farmers have to buy ingredients from man...
By Jessica Chappell December 17, 2018 08:01:53I've been a Reddit user for a couple of years now.I was browsing through Reddit a few weeks ago when I came across this article that talked about how to buy the company's stock, which has been hovering around $18 for so...
Google's quest to control everything from the news to social media has left consumers exposed to the potential for online censorship, says a new study.The study, commissioned by the Internet Society, the trade group for internet service providers, and authored by r...
