On October 8, 2024, the Mexican peso experienced a significant depreciation, closing at approximately 19.36 pesos per dollar, marking a 0.44% decline from the previous day. This ongoing decrease follows a trend of two consecutive sessions of decline, as reported by Bloomberg.
The dollar's strength, rising by 0.09% for the seventh consecutive session, has contributed to the peso's weakening. In retail markets, the dollar was sold at 19.82 pesos, reflecting a 30% increase from the previous day's closing rate.
Additionally, oil prices have dropped by 5% due to concerns over demand from China, the world's largest oil importer, further influencing the economic landscape. Other currencies, such as the South African rand and Brazilian real, also faced depreciation against the dollar.
The global capital markets closed with mixed results, largely influenced by gains in the technology sector amid optimism regarding the U.S. economy. While the Dow Jones increased by 0.30%, the Mexican stock index, the IPC, fell by 0.53%, continuing a downward trend over the past week.
This economic shift highlights the interconnectedness of global markets and the potential repercussions for countries reliant on oil exports and currency stability.