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Mexican Peso Hits Historic Low Compared to U.S. Dollar

Mexico's peso has devalued to a a historic low of more than 18 pesos to the U.S. dollar, and it may be caused by falling oil prices.
500 Mexican pesos notes on a table with traditional Mexican ornament. The note has the portrait of the painter Diego Riviera on one side and Frida Kahlo on the other.
500 Mexican pesos notes on a table with traditional Mexican ornament. The note has the portrait of the painter Diego Riviera on one side and Frida Kahlo on the other.Getty Images
/ Source: Reuters
By Reuters

MEXICO CITY -- Mexico's peso depreciated to a historic low Wednesday morning of 18.478 pesos per dollar as falling oil prices dragged on global markets.

It later appreciated to hit 18.361 pesos per dollar at about 7:16 a.m. local time (1316 GMT).

Mexico's peso slumped 16.8 percent in 2015, the highest annual fall since 2008. So far in 2016 it has fallen about 6.6 percent.

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Reuters