Title: Bank of Mexico’s Interest Rate Cut May Lead to Limited Depreciation, says Bloomberg
Subtitle: Stable Exchange Rate between Dollar and Peso on July 16, 2023
The decrease in the interest rate of the Bank of Mexico could generate a limited depreciation, starting in November of this year, as reported by the Bloomberg site. According to Bloomberg, the exchange rate between the Mexican peso and the dollar has remained stable and similar to the previous week on July 16, 2023. The exchange rate has fluctuated between a maximum of $18.60 and a minimum of $16.00 pesos.
Despite this stability, the Mexican peso remains in second place among currencies of emerging economies that perform well against the dollar. As reported by Bloomberg’s financial platform, the peso has appreciated by an impressive 13.37% so far this year.
On July 16, 2023, the US dollar traded at $16.89 pesos, experiencing a depreciation of -0.16% compared to the previous week. Throughout the day, the dollar’s value fluctuated between $15.95 pesos and $18.60 pesos, according to the Bloomberg financial platform.
The Official Journal of the Federation displayed an exchange rate of $16.89 pesos per dollar for the day.
When it comes to Mexican banks, the buying price of the dollar ranges from $15.65 pesos (Banorte) to $16.60 pesos (Inbursa). The selling price, on the other hand, varies from $17.18 pesos (BBVA) to $18.60 pesos (Inbursa), as per the latest updates on the banks’ websites.
For those interested in purchasing the dollar on July 16, 2023, the following rates can be observed:
– Afirme: $15.90 pesos
– Banco Azteca: $16.36 pesos
– Banorte: $15.65 pesos
– BBVA: $15.87 pesos
– Citibanamex: $16.23 pesos
– Inbursa: $16.60 pesos
In terms of the sale price of the dollar, the rates on the mentioned date are as follows:
– Afirme: $17.30 pesos
– Banco Azteca: $17.29 pesos
– Banorte: $17.05 pesos
– BBVA: $17.18 pesos
– Citibanamex: $17.18 pesos
– Inbursa: $18.60 pesos
Regarding the euro, its estimated exchange rate on July 16, 2023, is as follows:
– BBVA: Buy $16.87 pesos | Sale $19.58 pesos
– Citibanamex: Buy $18.79 pesos | Sale $18.82 pesos
– Inbursa: Buy $18.50 pesos | Sale $20.00 pesos
– Azteca Bank: Buy $18.05 pesos | Sale $19.84 pesos
– Banorte: Buy $18.35 pesos | Sale $19.25 pesos
In summary, despite the potential limited depreciation resulting from the Bank of Mexico’s interest rate cut, the exchange rate between the dollar and the peso remains stable on July 16, 2023. The Mexican peso continues to perform well against the dollar, appreciating by 13.37% so far this year. The buying and selling prices of the dollar in Mexican banks vary, and the euro’s estimated exchange rate on the mentioned date also fluctuates.