BUSINESS

Mexican peso hits lowest level against the US dollar

Staff Writer
Columbus CEO

MEXICO CITY (AP) — The Central Bank of Mexico says the peso has hit its lowest level ever against the dollar, trading an average of 16.52 on the interbank market.

MetAnalisis consultant Gerardo Copca says the decline is due to pressure from falling oil prices and an anticipated interest rate hike in the U.S. He says Wednesday's record low also was influenced by poor performance of the Chinese economy, which also puts pressure on the exchange market.

The peso has seen a big fall this year despite efforts by the Central Bank to prop it up by auctioning dollars on the exchange market. The bank auctioned $233 million Wednesday, but it did not stop the currency from hitting the new low.

MetAnalisis statistics say the peso has depreciated 12 percent in 2015.