The US Currency Continues to Increase Its Value in the Market
By: Luis Flores
The Bank of Mexico (Banxico) has reported that the Mexican peso extended its losing streak against the US dollar, closing the month of August with losses. However, on Saturday, September 2, the peso experienced a slight recovery against the national currency. As a result, banks throughout Mexico continue to buy and sell the US dollar at prominent rates.
At the end of last Friday, the exchange rate closed at 17.0861 pesos per dollar, marking a depreciation of 0.18 percent or 3.09 cents for the Mexican currency. This data from Banxico indicates that the Mexican peso remains one of the three emerging currencies with the most losses against the US dollar among a basket of 23 currencies.
Banxico also highlighted that various international analysts have shown optimism for the Mexican peso, predicting an exchange rate of 19 pesos per US dollar until the end of 2025. However, these expectations have decreased compared to the previous month.
As per current projections, by the end of 2023, the exchange rate is expected to be between 17.75 and 18.70 pesos per dollar. By the end of 2024, the expectations range from 18.70 to 18.76 pesos per dollar. Finally, by 2025, the projected range is between 19 and 19.28 pesos per dollar.
EXCHANGE RATE
To purchase:
- Azteca Bank: 16.36 pesos
- BBVA: 15.89 pesos
- Banorte: 15.62 pesos
- Santander: 15.66 pesos
- Banamex: 16.24 pesos
To sell:
- Azteca Bank: 17.19 pesos
- BBVA: 17.21 pesos
- Banorte: 17.06 pesos
- Santander: 17.36 pesos
- Banamex: 17.19 pesos
For the current day, Saturday, September 2, Banorte offers the most attractive rate for selling dollars, while Banco Azteca provides the best rate for buying them. It is important to note that the price of the dollar is subject to updates throughout the day.
Stay tuned for further updates regarding the performance of the Mexican peso and its exchange rate with the US dollar.