Title: Peso Remains resilient against the Dollar, Showing Positive Performance
Subtitle: Experts predict a limited depreciation due to Bank of Mexico’s rate decrease
Date: July 23, 2023
The Mexican peso continues to demonstrate its strength among emerging market currencies, maintaining its position as one of the best performers against the US dollar. According to the Bloomberg financial platform, the peso has appreciated by 14.04% so far this year, placing it in third place.
The Bloomberg site suggests that the recent interest rate decrease by the Bank of Mexico may result in a limited depreciation of the peso, starting from November 2023. Experts analyze that this move could affect the currency’s stability.
As of today, July 23, 2023, the exchange rate between the dollar and the peso remains stable and comparable to the previous week. Bloomberg reports that the exchange rate has fluctuated between a maximum of $18.80 pesos and a minimum of $16.00 pesos.
The US dollar traded at $16.84 pesos this morning, with a depreciation of -0.16% compared to the previous week. Throughout the day, the dollar fluctuated between $16.00 pesos and $17.57 pesos, according to the Bloomberg financial platform. The official exchange rate reported by the Official Journal of the Federation also stands at $16.84 pesos per dollar.
Looking at Mexican banks, the dollar is being bought from $15.80 pesos (Banorte) up to $16.50 pesos (Inbursa). The selling price ranges from $17.40 pesos (BBVA) to $18.50 pesos (Inbursa), as per recent updates on the banks’ websites.
For those interested in purchasing the dollar, the rates at different banks on Sunday, July 23, 2023, are as follows: Afirme offers $16.10 pesos, Banco Azteca at $16.25 pesos, Banorte at $15.80 pesos, BBVA at $16.15 pesos, Citibanamex at $16.47 pesos, and Inbursa at $16.50 pesos.
Meanwhile, the euro’s exchange rate against the peso is estimated to range from $17.07 pesos (BBVA) to $18.89 pesos for buying (Citibanamex). The selling price ranges from $19.25 pesos (Banorte) to $20.50 pesos (Inbursa). Additional rates include: Azteca Bank at Buy $18.05 pesos | Sale $19.84 pesos, Banorte at Buy $18.35 pesos | Sale $19.25 pesos, BBVA at Buy $17.07 pesos | Sale $19.60 pesos, Citibanamex at Buy $18.89 pesos | Sale $18.90 pesos, and Inbursa at Buy $18.50 pesos | Sale $20.50 pesos.
Overall, the Mexican peso continues to exhibit a strong performance against the US dollar, bolstered by positive market conditions. Experts anticipate a limited depreciation due to the Bank of Mexico’s interest rate decrease.