Mexico: opening dollar rate today, August 14, from USD to MXN

The US dollar is trading at 18.82 Mexican pesos on average at the start, which represents a 1.02% decrease compared to the previous day’s figure, when it stood at 19.02 pesos.

Taking into account the last seven days, the US dollar has accumulated a decrease of 0.27%; although in the last year it still maintains an increase of 6.98%.

If we compare the data with past days, it has two consecutive dates in negative figures. The volatility figure is noticeably higher than that accumulated in the last year, presenting itself as an asset with greater changes than expected.

The “super peso”, inflation and GDP

The Mexican economy has experienced a series of contrasts, which will continue, according to the forecasts of the Bank of Mexico (Banxico) for this 2024.

As for the exchange rate, the central bank expects the dollar to trade throughout the year between 17.68 pesos and up to 18.67 pesos per unit. A conservative forecast considering that the national currency destroyed the forecasts for 2023 by breaking the floor of 17 pesos per unit, which had not been seen for eight years.

For its part, inflation is expected to continue its downward trend, since it reached its historical maximum of 8.7% at the end of 2022. Banxico forecasts inflation of 4.02% in 2024, however, the ideal of three percentage points is not expected to be reached soon.

The above, however, contrasts with the economic growth forecasts, as the central bank expects it to be 2.29% in 2024.

What is the Mexican peso?

The Mexican peso is the legal currency of Mexico and it is the first currency in the world to use the $ sign, which was later adopted by the United States for the dollar.

This currency is the fifteenth most traded currency in the world, as well as the most traded in Latin America and the third on a continent-wide level only behind the US and Canadian dollars.

Currently, the abbreviation MXN is used to talk about the Mexican peso, but before 1993 the acronym MXP was used.

The coins that are normally used in Mexico are semicircular in shape and have the national shield on the back. One Mexican peso is equivalent to 100 cents. There are coins of 1, 5, 10 and 20 pesos; while there are bills of 20, 50, 100, 200, 500 and 1,000 pesos.

Source: infobae