Title: Mexican Peso Continues to Strengthen Against the Dollar, Prompting Change in Interest Rate
Subtitle: Exchange Rates and Currency Values as of Friday, July 28, 2023
The Mexican peso has experienced a significant drop against the US dollar, with a maximum rate of $17.80 and a minimum of $16.00, according to Bloomberg’s financial data. This depreciation highlights the peso’s position as the third strongest currency among emerging economies when compared to the dollar. Bloomberg reports that the peso has appreciated by 14.04% so far this year.
In line with this trend, Bloomberg suggests that a decrease in Banco de México’s interest rate, which is expected to take effect in November this year, may result in a limited depreciation of the peso. This development could have far-reaching implications for the country’s economy.
As of Friday, July 28, 2023, the US dollar traded at $16.83 pesos in the morning, showing a decline of -0.16% compared to the previous week. The dollar fluctuated throughout the day within a range of $16.00 pesos to $17.57 pesos, as reported by Bloomberg.
However, the official exchange rate listed on the Official Journal of the Federation’s website stands at $16.3 pesos per dollar, indicating a slight difference from the rates reported by financial platforms.
Turning to Mexican banks, the buying price for the dollar ranges from $15.75 pesos (Banorte) to $16.50 pesos (Inbursa), while the selling price varies from $17.13 pesos (BBVA) to $17.80 pesos (Inbursa). It is important to note that these rates are subject to change in real-time, as demonstrated by updates on the banks’ websites.
For individuals looking to purchase the dollar on this particular day, various banking institutions offer different rates. Affirm offers $16.00 pesos, Banco Azteca offers $16.30 pesos, Banorte provides $15.75 pesos, BBVA lists $16.23 pesos, Citibanamex offers $16.13 pesos, and Inbursa presents $16.50 pesos.
On the selling side, Afirme offers $17.40 pesos, Banco Azteca offers $17.19 pesos, Banorte provides $17.15 pesos, BBVA offers $17.13 pesos, Citibanamex presents $17.07 pesos, and Inbursa lists $17.80 pesos as the selling price.
In terms of the euro, exchange rates vary. The euro can be purchased at rates ranging from $16.81 pesos (BBVA) to $18.62 pesos (Citibanamex) and can be sold at prices ranging from $18.85 pesos (Banorte) to $19.70 pesos (Inbursa). Additional rates offered by different banks include: Azteca Bank, buying at $17.70 pesos and selling at $19.49 pesos; Banorte, buying at $17.95 pesos and selling at $18.85 pesos; BBVA, buying at $16.81 pesos and selling at $19.11 pesos; Citibanamex, buying at $18.62 pesos and selling at $18.63 pesos; Inbursa, buying at $18.20 pesos and selling at $19.70 pesos.
The exchange rate between the Mexican peso and the US dollar remains a critical factor in the country’s economic performance. These figures indicate a continuing trend of peso appreciation, which has both positive and potential consequences for the economy. As the interest rate cut expected in November approaches, it remains to be seen how the peso will be affected and what impact this will have on Mexico’s economic landscape.