Mexican peso falls to lowest rate in 12 years
Currency fell as far as 15.6271 per dollar, a rate not seen since the 1993 redenomination of the peso
MEXICO CITY
The Mexican peso fell 0.6 percent to 15.5672 per U.S. dollar Tuesday after plummeting to as far as 15.6271, the lowest rate recorded since 1993.
At banks, the cost of the dollar reached 15.92 pesos on Tuesday afternoon, 11 cents more than the previous day.
The peso has plunged more than 19 percent in the past 14 months. During 2013, when the currency was considered stable, the dollar traded at around 12 to 14 pesos.
Mexican analysts say the peso could continue its slide during the three next months, as the price of oil remains low and speculations persists about an increase of interest rates by the U.S. Federal Reserve.
The peso's decline could also force the Bank of Mexico to increase its own interest rates March 26, ahead of the U.S. Fed, according to analysts.
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