Santander Bank today to do a withdrawal and I actually got $12.85 to 1. That is incredible. I have never seen it that high. In the early part of the year it was around $11.65 to one.
As to why? I would say when U.S. retailers buy goods to be exported into the U.S. they need their dollars to go farther so they can keep prices lower in the stores of U.S. retailers. This offsets the devaluation of the U.S. dollar as the U.S. Federal Reserve Bank continues to devalue the worlds global reserve currency through money printing.