The US dollar skyrocketed to 21 pesos on Sunday March 8th, one day after Saudi Arabia began a ‘price war’ in the global oil industry.
At 18:59 hours in Mexico City, the dollar operated at 20.93 pesos, according to Bloomberg data. Earlier, but the exchange rate rose all the way up to 21.30 pesos.
The fall in the peso comes after oil prices had a dramatic collapse in the beginning of operations in the Asian market.
Saudi Arabia plans to start producing more than 10 million barrels of oil per day from April after its alliance with Russia within OPEC.
The world’s largest oil exporter began a price war by applying the largest cut to crude in the last 20 years, offering unprecedented discounts in Europe, the Middle East and the United States, making refineries buy the product from the Saudis at the expense of other suppliers.
The Mazatlan Post