The Mexican peso is rising sharply against the US dollar on Tuesday as it continues to correct after hitting record lows last week. USD/MXN has fallen more than 5% from last week highs. On Thursday, it peaked at 19.44 and then started a correction. It has been falling since Friday and today accelerated. Initially, the bearish correction was contained by the 18.70 area. Recently, boosted by a rally in crude oil prices and a weak US dollar, broke to the downside and tumbled to 18.38, the lowest level since February 8. The pair was trading around 18.45, down 2.35%. The Mexican peso and the Russian ruble were among the best performers in the currency market on Wednesday. Oil, stocks rally Reports mentioned that Iran would support actions from OPEC members to stabilize crude oil prices and triggered a rally. The WTI barrel jumped back above $30.00 while the Dow Jones gained momentum and it was up 1.30%. For more information, read our latest forex news.