Analysts alarmed by Mexican Peso’s plunge
The value of the Mexican Peso dropped to an alarming $18.20 Friday and recovered to $17.93 by the end of the day.
This means one U.S. Dollar is worth nearly 18 Mexican Pesos.
While this is good news for American tourists and shoppers visiting Mexico, the drop in the currency’s value against the dollar affects El Paso businesses because it dilutes the spending power of Mexicans shopping here.
According to FOX News, the peso has fallen around 20 percent relative to the dollar over the past 12 months.
The cable news network cites analysts who attribute the plunge to uncertainty in global markets like China, an interest-rate hike by the U.S. Federal Reserve, and falling oil prices.
