Title: Mexican Peso Holds Steady Against the US Dollar as Interest Rate Cut Looms
Subtitle: Exchange Rates and Buying Power for the Dollar and Euro on July 17, 2023
Mexican peso continues to perform strongly against the US dollar, securing its position as one of the best-performing emerging market currencies. According to a report from the Bloomberg financial platform, the peso has appreciated by 13.37% so far this year, maintaining its second-place position.
The exchange rate between the dollar and the peso remains stable on Monday, July 17, 2023, similar to the previous week. As reported by Bloomberg, the exchange rate has fluctuated between a high of $18.60 pesos and a low of $16.00 pesos.
In November of this year, the Bank of Mexico’s decision to decrease interest rates could potentially lead to limited depreciation, according to Bloomberg. Experts suggest closely monitoring the situation to understand its implications for the currency.
The price of the US dollar on Monday, July 17, 2023, stood at $16.78 pesos, showing a depreciation of -0.16% compared to the previous week. This fluctuation was observed throughout the day, with rates ranging between $15.95 pesos and $18.60 pesos, as reported by the Bloomberg financial platform. The Official Journal of the Federation also listed the exchange rate as $16.78 pesos per dollar.
In Mexican banks, the buying price for the dollar ranges from $15.65 pesos (Banorte) to $16.60 pesos (Inbursa), while the selling price varies from $17.18 pesos (BBVA) to $18.60 pesos (Inbursa), according to the latest updates on the banks’ websites.
For those interested in the euro, it is currently trading between $16.87 pesos (BBVA) and is estimated to be sold between $19.25 pesos (Banorte) up to $20.00 pesos (Inbursa). Banco Azteca, Banorte, BBVA, Citibanamex, and Inbursa are the banks that provide these exchange rates.
As the peso remains strong against the dollar, potential changes in the interest rates could impact its stability. Buyers and investors are advised to stay informed and monitor the situation closely to make informed decisions regarding their currency exchange transactions.