The dollar is trading this morning below 16.70 pesos, its lowest level so far in 2024
The Mexican peso begins this Friday, March 15, appreciating against the dollar, reaching lows not seen in eight months in the spot market in Mexico.
The dollar is trading at 16.67 pesos per unit (5:54), its lowest level so far in 2024 and a figure that has not been recorded since July 27, 2023, when the currency reached a low of 16.62.
The exchange rate closed yesterday, Thursday, March 14, at 16.70 pesos per dollar, a depreciation of 0.21 percent against the dollar , compared to the previous day, after strengthening the US currency against 0.35 percent.
So far this year, the Mexican peso has strengthened by 1.77 percent against the dollar.
How much the dollar is sold for in banks
Azteca Bank
- Purchase: 15.85
- Sale: 17.31
BBVA
- Purchase: 15.84
- Sale: 16.98
Banorte
- Purchase: 15.55
- Sale: 16.95
Citibanamex
- Purchase: 16.21
- Sale: 17.09
The peso is heading towards a winning closing week pending the monetary policy decisions of the United States Federal Reserve (Fed) and the Bank of Mexico (Banxico) next week.
If the Mexican peso ends the day at this level, it would be closing with a weekly appreciation of 0.8 percent, marking its third consecutive week of gains against its US pair.
Gabriela Siller, director of economic analysis at Banco Base, explained that the exchange rate has consolidated below the resistance of 16.80 pesos per dollar, which opens the door for it to touch the 2023 minimum of 16.62 pesos per dollar. which has led them to show a rebound that could place it once again at levels between 16.90 and 17.00 pesos per dollar.
He explained that, in the long term, the appreciation of the peso could be supported by the expectation of growth due to nearshoring and the expectation that Banxico will continue with a restrictive monetary policy this year despite the first adjustment expected for March.
In parallel, the dollar index, which measures the evolution of this currency against a basket of six other major currencies, showed a marginal advance of 0.02 percent, standing at 103.40 units, and heading for a weekly gain of 0.61 percent.
The strengthening of the dollar observed this week was mainly driven by inflation data in the United States, which has been higher than expected and which suggests that the Fed will not be in a hurry to start cutting interest rates until it has confidence that inflation is heading towards the 2 percent target.
