He Mexican peso depreciated on Monday struck by fears that the rapid spread of the coronavirus may lead to a deep global recession, as well as a increased risk perception on the second economy in Latin America and its committed oil industry. Read: Your electricity bill could go up 30% during quarantine

Also pressed by a collapse of international oil prices, the local currency was trading at 23.8250 per dollar, down 2.25% from close, versus 23,3010 from .’ benchmark price on Friday.

Exchange rate for sale in the interbank market (spot) today Monday, March 30:
09.00 hrs .: 24.2280 p / d
13.30 hrs .: 24.1290 p / dhttps: //t.co/LaOklzuAeE

– Banco de México (@Banxico)
   March 30, 2020

Earlier fell more than 5.2% to 24.55 units. The local currency, which last week fell to its record low level of 25.4440 units, recovered some of its losses after the Foreign Exchange Commission announced the first auction of credit in dollars for up to 5 billion dollars as part of a series of measures to provide liquidity to the local interbank market.

Read 5 ways to use your credit wisely

Read Prevent Real Estate Investment in Mexico by Covid-19

The auction will be on Wednesday and will have a term of 84 days, the Commission said in a statement, specifying that it will be carried out by the central bank through the use of the “swap” line with the United States Federal Reserve.

In the Financial markets have grown fear that the stagnation of economic activity may extend for months because of the virus, which has infected 720,000 people and killed almost 34,000 around the world. Until Sunday, Mexico had almost 1,000 infected.

Meanwhile, analysts said the downgrade by the S&P agency to Mexico’s credit rating and that of state oil company Pemex announced on Thursday continued to put pressure on the local currency, as it did at the end of last week.

There is a greater perception of risk with respect to Mexico, ”said Gabriela Siller, director of economic analysis at Banco Base.

“There remains the risk that another agency will cut Pemex’s rating, which could generate capital outflows from the country and additional pressures to the rise in the exchange rate,” he added.

The benchmark oil company Brent, meanwhile, plunged to its lowest level in nearly 18 years on Monday, while the contract in the United States pierced the $ 20 barrier due to fears that the worldwide quarantines due to the coronavirus will last for months. and demand plummets further.

In the stock market, the Mexican stock market won in an environment of opportunity purchases after recent sharp falls.

Following the behavior of its peers on Wall Street, the benchmark local stock index S & P / BMV IPC advanced 1.18% to 34,199.97 points. The plaza fell 5.34% on Friday and scored its third consecutive weekly drop of 1.37%. In the year it accumulates a decrease of 21.5%.

In the debt market, the yield on the 10-year bond rose 23 basis points to 7.38%.

Exchange rate in Mexico

According to the Investing.com platform, the dollar is trading at $ 23.83 pesos. In Banxico, at closing time the dollar was at $ 24.12.

Price of the dollar in different banks today March 30. Source: Dollar.info

Regarding the exchange rate in the different banks of mexicoAccording to what is published in dollar.info on various financial institutions, the price of the dollar reaches its highest level for sale at $ 25.50 in Banamex, while the lowest price for purchase is at $ 20.00 also in Banamex.

Regarding euro, it is quoted at $ 26.32 pesos, for $ 29.53 pesos from the pound sterling, in general average.

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