Not long ago Mexico’s currency was dubbed the superpeso. One of the world’s strongest performers in 2001, it seemed almost invincible, ending the year 5% stronger against the dollar than in January 2001.
This year, too, the peso continued to defy expectations of a weakening. While currency traders predicted a fall to near 11 to the US dollar in the face of a global recession, the peso remained steady at around nine.
But by the beginning of July the peso had lost some of its ability to soar.
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