Title: Mexican Peso Experiences Setback as Dollar Surges
Subtitle: Weekend Losses Cause Mexican Peso to Drop from Recent Highs
Mexico experienced a disheartening weekend as the peso suffered losses, dropping from its best levels in recent years. The dollar, which had seen a significant boost throughout the week, pushed the exchange rate above 17 pesos.
The National Bank of Mexico set the weekend exchange rate at $17.2892 MN. The value of the Mexican peso against other foreign currencies will be calculated based on the prevailing price of those currencies against the US dollar in international markets on the day of the transaction. Interested parties can obtain these quotes from the country’s credit institutions upon request.
Comparing historical data from the Official Journal of the Federation, it is revealed that on a day like today in 2022, the exchange rate was set at $20.3358 MN, while in 2021 it was set at $19.9547 MN. Both figures show a notable difference compared to the rate established in 2023.
Financial institutions and exchange houses have determined the average exchange rate for the day as $17.2451. The buying rate for the US dollar remains at $16.8771, while the selling rate is at 17.6131 pesos. Tomorrow, the average rate is projected to be around 17.0529, with a selling rate of 17.0536 and a buying rate of 17.0522 pesos.
Analyzing the movements of the US currency, it is revealed that the dollar has gained 2.61% over the week, 2.48% over the month, and 0.08% over the quarter. However, it has depreciated by -11.73% since the beginning of the year. During the tenure of President Joe Biden, the dollar has fallen by -12.75%, whereas the Mexican peso under President Andrés Manuel López Obrador has fallen by -14.81%.
For those looking to exchange their dollars for travel, investment, or other purposes, Banco de México offers the best indicators for both buying and selling at $17.0355 and 17.041, respectively.
To ensure the best deal when buying or selling dollars, or exchanging pesos for travel, it is recommended to compare prices and choose the most convenient option. Additionally, a table is provided to help individuals assess which bank or financial company offers the most favorable rates.
The dollar exchange rate is a widely monitored financial indicator globally, with individuals, companies, and governments paying close attention due to the high level of globalization and international transactions.
Individuals planning to travel or make purchases with US currency should review the established exchange rates for the month and the projections by financial entities. Being well-informed and prepared in advance can help maximize the value of their transactions.
Caption: Photo: Courtesy
Caption: List of prices for the last week and forecast for tomorrow.
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