Juarez City.- The Mexican peso continues its downward trend, with the wholesale dollar reaching a maximum of 17.49 pesos per dollar this morning. This represents an increase of 11 cents compared to yesterday’s closing rate of 17.38 pesos per dollar.
Currently, the exchange rate stands at 17.48 pesos per dollar, with fluctuations ranging between 17.3645 pesos and 17.568 throughout the day.
Gabriela Siller, the director of Economic Analysis at Grupo Financiero BASE, attributes the ongoing upward pressure on the exchange rate in Mexico to several factors. These include expectations of high interest rates for an extended period, increased risk aversion due to concerns over China’s economic situation, and growing unease regarding the automobile strike in the United States.
Siller took to her Twitter account to state that the Mexican peso is now the sixth most depreciated currency. This indicates the extent to which the peso has lost value compared to its counterparts in other countries.
Exchange centers are currently offering an average rate of 16.80 pesos per dollar for purchase and 17.30 pesos per dollar for sale. Meanwhile, at bank counters, the exchange rate hovers around 16.81 pesos per dollar for purchase and 17.71 pesos per dollar for sale.
The continued devaluation of the Mexican peso against the US dollar has raised concerns among investors and the public alike. With the peso’s decline showing no signs of slowing down, authorities and financial experts are closely monitoring the situation to ascertain its potential impact on the economy.