Mexican Peso Falls to Lowest Level Ever
The Mexican peso plummeted to an all-time low at the start of the business day Friday, sending shock waves through an already reeling economy.
After a disastrous drop Thursday that saw the peso slide as low as 640 to the dollar, some private exchange houses opened Friday morning with the dollar bringing at least 740 pesos--the lowest level in the history of the currency.
Citibank, which closed Thursday with the peso at 592, opened Friday with the peso at 705. Similar rates were reported along the Mexican-American border.
In most exchange houses, no money changed hands because of the speculative nature of the currency, the respected financial daily El Financiero reported.