Home » Mexican Markets Retreat as Bank of Mexico Holds Interest Rate: Dollar Price and Exchange Rates

Mexican Markets Retreat as Bank of Mexico Holds Interest Rate: Dollar Price and Exchange Rates

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Mexican Markets Retreat as Bank of Mexico Holds Interest Rate: Dollar Price and Exchange Rates

Mexican markets retreated on Thursday following the Bank of Mexico’s decision to keep its interest rate unchanged. This led to the dollar starting at 17.14 units for each greenback on February 8, 2024. Analysts are speculating that the Bank of Mexico may reduce the interest rate in March, putting pressure on the exchange rate. The Mexican peso was seen depreciating by 0.68% near the end of the business day.

The U.S. Federal Reserve stated that it has time to decide its next step in monetary policy as it awaits further assurances on inflation. As a result, the S&P/BMV IPC stock index saw a 1.62% decrease to 57,762.44 points, breaking a four-day streak of gains.

The price of the dollar in Mexican banks at the close of February 8, 2024, is as follows:

– BBVA Mexico: 16.28 pesos for purchase and 17.42 pesos for sale
– Citibanamex: 16.64 pesos for purchase and 17.59 pesos for sale
– Banco Azteca: 16.10 pesos for purchase and 17.55 pesos for sale
– Banorte: 16.00 pesos for purchase and 17.40 pesos for sale
– Affirm Bank: 16.10 pesos for purchase and 17.60 pesos for sale
– Scotiabank: 15.00 pesos for purchase and 18.20 pesos for sale
– Inbursa: 16.80 pesos for purchase and 17.80 pesos for sale

This information is provided by Reuters.

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