The Mexican currency loses its rhythm in the market and falls against the US currency
By: Luis Flores
Analysts attribute the stability of the price of the dollar in Mexico to factors such as the expectation of a lower interest rate by the United States Federal Reserve (Fed), and the strong demand for oil, which is one of Mexico’s main exports. However, they warn that the peso could be affected in the coming months by factors such as inflation, political uncertainty, and the war in Ukraine.
RISKS FOR THE PESO
Experts affirmed that inflation in Mexico has been increasing and could continue to do so in the coming months; this could weaken the peso since investors could look for currencies with lower inflation rates. Mexico’s midterm elections will take place in June 2024, and political uncertainty could affect the peso as well as the war in Ukraine, which is causing controversy in global markets and could also affect the Mexican currency. In general, analysts believe that the peso will remain stable in the coming months, although there is the risk to weaken if these factors materialize.
HOW MUCH IS THE DOLLAR?
According to information provided by the Bank of Mexico (Banxico) and Bloomberg, this Wednesday the peso is found at 17.54 units per greenback. This price is the weighted average of the purchase and sale prices of the dollar at the exchange tables of banking institutions and exchange houses. Bloomberg reported that the dollar traded at 17.52 pesos per dollar, also without significant changes; last August the peso closed at 16.72 units per dollar.
EXCHANGE RATE
To purchase:
Azteca Bank: 16.39 pesos
BBVA: 15.92 pesos
Banorte: 15.69 pesos
Santander: 15.68 pesos
Banamex: 17.06 pesos
For sale:
Azteca Bank: 17.17 pesos
BBVA: 17.23 pesos
Banorte: 17.08 pesos
Santander: 17.37 pesos
Banamex: 17.20 pesos
For this Wednesday, September 6, the best bank to sell dollars is Banorte. To buy them is Banco Azteca. You have to remember that the price of the dollar is updated throughout the day.