| Bloomberg: Mexican Peso Falls to Two-Year Low Ben Bain - Bloomberg News | |
| go to original December 6, 2014 |
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Mexico’s peso dropped to a two-year low after the central bank said the outlook for Latin America’s second-biggest economy worsened and as crude oil tumbled, damping export revenue.
The currency declined 1.4 percent to 14.3591 per dollar at 4 p.m. in Mexico City, the biggest drop since August 2013 and the weakest closing level since May 2012. On the week, the peso lost 3 percent, the most among 16 major currencies tracked by Bloomberg.
The central bank’s board held the target lending rate today at a record low 3 percent, saying in a statement that economic risks have deepened since its October decision amid weaker global momentum. The slump in the currency may spur inflation, policy makers said.
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