Title: Dollar Plunges, Boosting Mexican Peso Exchange Rate
Mexico City, Mexico – The US dollar experienced another significant setback on Friday, July 28, causing it to plummet even further. This sudden drop has favored the Mexican peso, resulting in a more favorable exchange rate for the upcoming weekend.
The National Bank of Mexico has fixed the exchange rate for the day and weekend at $16.7338 MN, which is lower than the previous day’s rate of $16.8825 MN. The value of the Mexican peso compared to other foreign currencies will be determined based on the prevailing exchange rate against the US dollar on the day of the transaction. Credit institutions in the country will provide these quotes upon request.
Comparing historical data, it is noteworthy that on the same day in 2022, the Bank of Mexico set the exchange rate at $20.5120 MN, while in 2021, it was notified at $19.9770 MN. Both figures significantly differ from the rate established in 2023.
Financial institutions and exchange houses have set the average exchange rate for the day at $16.784. The purchasing rate for the US dollar stands at $16.4789, while the selling rate is at 17.0891 pesos. Tomorrow, the average exchange rate is expected to be 16.77815, with a selling rate of 16.7789 pesos and a purchasing rate of 16.7774 pesos.
According to Eldolar.info, a specialized website, the US dollar has recorded a 0.92% loss for the week, 2.02% for the month and quarter, and a significant depreciation of -13.44% since the beginning of the year. During the Joe Biden administration in the United States, the dollar has fallen by -14.45%, while under the leadership of Mexican president Andrés Manuel López Obrador, it has experienced a -16.46% decline.
Individuals seeking to exchange their dollars for pesos can visit the Bank of Mexico, where the rates for purchasing and selling dollars are currently at $16,762 and $16,768 pesos, respectively. It is advisable to compare rates offered by different financial institutions before making any transactions involving the US currency.
The dollar exchange rate holds significant relevance worldwide due to globalization and the substantial volume of international trade between individuals, companies, and governments. It is crucial to stay informed about the current exchange rate, especially if planning to travel or engage in transactions involving the US currency.
Attached are tables displaying the recent prices and forecasts for financial entities, enabling individuals to make informed decisions when dealing with the exchange rate.
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