Mexico’s peso depreciated 1.71 percent this week, its worst seven-day performance since Dec. 22, 2017.

The peso lost ground against the U.S. dollar amid strong volatility, gaining slightly at the end of Friday’s trading, but not enough to overcome earlier losses.

During the week, the peso was subject to downward pressures from concerns about higher interest rates and the announcement of U.S. import tariffs on steel and aluminum, which was topped by President Trump’s statement that “Trade wars are easy to win.”

These factors can make NAFTA negotiations difficult.

The Bank of Mexico reported that the interbank dollar closed at 18.8705 units, close to its highest level on Jan. 12. The peso registered a marginal recovery of 0.03 percent.

At the bank window, the greenback was sold at 19.15 units, higher than the 19.10 reported by Citibanamex on Thursday at closing.

The exchange rate of the peso against the dollar reached a maximum of 18.9445 units, while the minimum rate was 18.8385 units in the wholesale market.

Source: El Financiero

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