Title: Mexican Peso Remains Stable Against the Dollar, Shows Strong Appreciation in 2023
Subtitle: Exchange rate and currency performance updates for Saturday, July 29, 2023
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The exchange rate between the Mexican peso and the dollar has remained relatively stable between a maximum of $18.80 and a minimum of $16.00 pesos, according to Bloomberg. Despite fluctuations, the peso has continued to perform well against the dollar, securing its position in third place among emerging economies’ currencies performing best against the dollar.
According to the Bloomberg financial platform, the Mexican peso has appreciated by an impressive 14.04% so far this year. This upward trend has brought positive prospects for the currency, although the Bank of Mexico lowering interest rates in the coming months could potentially limit this appreciation, as reported by Bloomberg.
On Saturday, July 29, 2023, the US dollar was trading at $16.73 pesos, experiencing a depreciation of -0.17% compared to the previous week. The dollar’s fluctuation throughout the day ranged between $16.00 pesos and $17.57 pesos, according to the Bloomberg financial platform. The official exchange rate for the day, as per the Official Journal of the Federation, was determined to be $16.73 pesos per dollar.
In Mexican banks, the dollar was being bought at rates ranging from $15.60 pesos (Banorte) up to $16.50 pesos (Inbursa). The selling price of the dollar varied from $16.96 pesos (BBVA) to $17.80 pesos (Inbursa), according to the latest updates on the banks’ websites.
For those looking to buy the dollar on this day, the rates were as follows:
– Affirm: $15.80 pesos
– Banco Azteca: $16.28 pesos
– Banorte: $15.60 pesos
– BBVA: $16.06 pesos
– Citibanamex: $16.19 pesos
– Inbursa: $16.50 pesos
Similarly, for those selling the dollar, the prices were:
– Affirm: $17.20 pesos
– Banco Azteca: $17.19 pesos
– Banorte: $17.00 pesos
– BBVA: $16.96 pesos
– Citibanamex: $17.07 pesos
– Inbursa: $17.80 pesos
Turning to the euro, the exchange rate against the Mexican peso ranged from $16.50 pesos (BBVA) to $18.37 pesos (Citibanamex) for buying, while the selling rate varied between $18.70 pesos (Banorte) and $19.70 pesos (Inbursa). Different banks provided varying rates, including:
– Azteca Bank: Buy $17.65 pesos | Sale $19.44 pesos
– Banorte: Buy $17.80 pesos | Sale $18.70 pesos
– BBVA: Buy $16.50 pesos | Sale $19.10 pesos
– Citibanamex: Buy $18.37 pesos | Sale $18.39 pesos
– Inbursa: Buy: $18.20 pesos | Sale $19.70 pesos
The currency market continues to be closely monitored, with the Mexican peso displaying stability and appreciating against the dollar, leaving room for potential fluctuations driven by interest rate changes.
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