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Mexican Peso Falls Most in Three Weeks on U.S. Stocks, Violence

Mexico’s peso fell the most in three weeks as U.S. stocks declined and gang violence led to the killing of the 11th mayor this year.

The peso weakened 0.3 percent to 12.5803 per dollar at 5 p.m. New York time, declining the most since Sept. 7, from 12.5397 on Sept. 24. The peso has risen 4.1 percent this year against the dollar.

The S&P 500 Index fell 0.6 percent to 1,142.16 in New York after gaining 2.1 percent last week. Attackers killed the interim mayor of the southwestern town of Tancitaro today.

“Little by little the violence is becoming more considerable,” said Bertrand Delgado, an economist at Roubini Global Economics LLC in New York.

The yield on Mexico’s 10 percent bond due in 2024 fell six basis points, or 0.06 percentage point, to 6.39 percent, according to Banco Santander SA. The price of the security rose 0.72 centavo to 133.62 centavos per peso.

State officials were conducting an autopsy to confirm the cause of death after Gustavo Sanchez’s body was found on a road in the Michoacan city of Uruapan, said an official at the state attorney general’s office who declined to be identified in accordance with agency policy. There were signs the victim may have been killed with rocks, he said. The official didn’t say whether there had been any arrests in the case or who may have been responsible.

A proposal by the country’s largest opposition party to reduce the value-added tax would send a “very confusing signal to markets,” said former deputy finance minister Alejandro Werner in an interview today.

The peso would fall against dollar if the bill is approved, he said. Mexico’s credit rating and credit default swaps would also be at risk, he said.

Traders triggered $2 million of dollar options today, the central bank said on its website. So far this month, $597 million in options have been exercised.

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