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The Mexican Peso in 2024: A Look at Exchange Rates, Inflation, and Growth Forecasts

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The Mexican Peso in 2024: A Look at Exchange Rates, Inflation, and Growth Forecasts

The US dollar closed at 16.96 pesos on Friday, marking a 1.04% decrease from the previous session’s rate of 17.14 pesos. Over the past week, the dollar has experienced a 0.67% decrease, contributing to a year-long decrease of 3.54%.

This fluctuation has disrupted the positive trend the dollar had been experiencing over the past three days, with an increased volatility of 15.59% compared to the annual volatility figure of 9.93%.

Despite these changes, the Bank of Mexico (Banxico) predicts that the dollar will continue to trade between 17.68 and 18.67 pesos throughout the year, as the Mexican economy faces numerous challenges. While inflation is expected to decrease to 4.02% in 2024 from a high of 8.7% in 2022, economic growth is forecasted to reach 2.29% this year.

The Mexican peso, which is the fifteenth most traded currency in the world, has a long-standing history as the legal tender of Mexico. Originally using the $ sign before it was adopted by the US dollar, the peso is the most traded currency in Latin America and the third most traded on the continent. Coins in Mexico are semicircular in shape and feature the national coat of arms, with one peso equaling 100 cents and varying denominations available in both coins and bills.

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