Title: Mexican Peso Reaches New Minimum Against US Dollar, Setting Stage for Potential Stronger Exchange Rate
Written in TRENDS on 7/31/2023 06:44 hs
Last week, the Mexican peso closed at a record low, hitting 16.6726 units per dollar, a level not seen since December 2015. As a result, the Mexican currency became the second-most appreciated currency in the world. Analysts suggest that if the peso maintains its current upward trajectory observed since July 2022, it could potentially reach an exchange rate of 16.40 pesos per dollar.
In tandem with this positive trend, Mexico’s Quarterly Gross Domestic Product (GDP) for the second quarter of 2023 was announced today, July 31. The country’s economy exhibited a growth rate of 3.7% in annual comparison. Key contributors to this growth were the services sector, followed by the industrial sector, which benefited from increased exports during the first half of the year. Consequently, GDP expanded by 0.9% quarter-on-quarter and 3.6% year-on-year.
While the Mexican peso continues its impressive performance against the American dollar, market participants are eagerly anticipating the release of forthcoming macroeconomic data. Alongside this, they are also keen to understand the strategies that central banks will employ and analyze the potential impact of aggressive exchange rate fluctuations on the economy.
Starting today, Monday, July 31, the Mexican peso opened trading at approximately 16.7013 pesos per dollar. However, this marked a depreciation of the local currency by 0.0283 cents or 0.17% against its US counterpart. The buying rate stands at 16.6886 pesos, while the selling rate is 16.7139 pesos.
Here is the current dollar exchange rate in major Mexican banks as of today, Monday, July 31, 2023:
To purchase:
– Santander: 15.55 pesos
– Banorte: 15.60 pesos
– BBVA: 16.06 pesos
– Banamex: 16.19 pesos
– Banco Azteca: 16.28 pesos
For sale:
– BBVA: 16.96 pesos
– Banorte: 17.00 pesos
– Banamex: 17.07 pesos
– Banco Azteca: 17.19 pesos
– Santander: 17.25 pesos
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