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MEXICO CITY -- Mexico's peso depreciated to a historic low Wednesday morning of 18.478 pesos per dollar as falling oil prices dragged on global markets.

It later appreciated to hit 18.361 pesos per dollar at about 7:16 a.m. local time (1316 GMT).

Mexico's peso slumped 16.8 percent in 2015, the highest annual fall since 2008. So far in 2016 it has fallen about 6.6 percent.

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