The exchange rate of dollar in Mexico traded lower on Friday due to the appreciation of the peso, amid volatile behavior in global markets after Russia’s invasion of Ukraine.
The exchange rate was trading at 20.4034 Mexican pesos per dollar, down 0.67% from Thursday’s Archyde.com benchmark price.
The peso outlined a moderate drop accumulated in the week, which would cut a streak of three increases.
New missiles rained down on the Ukrainian capital on Friday as Russian forces continued to advance and Ukrainian President Volodimir Zelensky called on the international community to make more efforts, saying sanctions announced so far were not enough.
“The Mexican peso starts the day cutting losses (…) with operators pending the Russian invasion in Ukraine”, CI Banco said in a report. “The truth is that the Russian attack was a surprise, and the reality is that there is great concern about what someone as unpredictable as Vladimir Putin might end up doing.”, he added.
At the local level, the statistics institute reported early on Friday that the Mexican economy recorded zero growth in the fourth quarter of 2021, which represented a slight improvement compared to a preliminary estimate released last month according to which the country it would have entered a technical recession by registering two consecutive quarters with contractions.