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The exchange rate will remain above 16 pesos per dollar in the coming months due to the situation in Greece and the uncertainty about moves in the U.S. interest rates, BBVA Bancomer said.
Carlos Serrano, chief economist of BBVA Bancomer, said that the exchange rate could drop to 15 pesos per dollar if the U.S. Federal Reserve raises interest rates, which could happen in early 2016.
"We expect volatility to continue until the Fed makes a decision," Serrano explained.
However, he added that if the U.S. Federal Reserve does not change interest rates in the coming months, the exchange rate will return to 15 pesos in the second quarter of 2016.
Mexico's Finance Minister Luis Videgaray said that the country has the resources to ensure the smooth functioning of its foreign exchange market, after the currency hit a new record low.
He added that U.S. employment data is driving weakness in the peso rather than fears over the Greek debt crisis.
(With information from Reuters)
