Mexican Peso Falls to Record 16 per Dollar as Commodities Swoon
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Mexico’s peso dropped to 16 per dollar for the first time since its 1993 revaluation as a rout in commodities followed an auction of oil blocks that many analysts declared a failure.
A decline in crude prices discouraged demand when Mexico took its first step toward dismantling the state oil monopoly, with only two blocks attracting sufficient bids last week to warrant contracts. Adding to the disappointment are an economy that has failed to meet expectations and the escape from prison of the drug trafficker Joaquin “El Chapo” Guzman.