By MARIA GALLUCCI
The Associated Press
Sunday, December 14, 2008
MEXICO CITY — Victoria Servin shows off her new pair of black leather boots, a splurge for the 21-year-old student who lives alone in an aging, one-room apartment.
Servin survives on the $1,000 a month her mother, a nurse in Phoenix, sends her to pay tuition, rent, food and bus fare. But as the peso slips to historic lows, the U.S. dollar is going much further in Mexico City - giving her more cash than she has ever had before.
"There's a huge difference now when my mom sends the same amount as she used to," she said with a smile.
The U.S. dollar has gained 34 percent against the peso since Aug. 1 as investors shed developing world assets and fled to the relative safety of the greenback. That stronger dollar means money sent home buys much more in Mexico - a wage hike of sorts for the relatives of migrants lucky enough to still find jobs in the U.S. or for migrants using U.S. earnings to buy property back in Mexico. Read more
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