The US dollar is paid today at 19.43 Mexican pesos on average, which represents a change of 0.57% compared to the 19.33 pesos of the previous day.
With respect to the last week, the US dollar has risen by 0.75%, which is why it has accumulated a rise of 7.12% since a year ago.
According to the exchange analysis of the financial group Monex, at the opening of the American session, the Mexican peso reversed the advance of the previous session and was positioned in second place among the currencies of emerging countries that have the greatest losses against the dollar.
He explained that today, the exchange rate rebounded after stabilizing thanks to the local inflation figure, as the dollar also moved away from the annual minimum. Operators keep their attention on the monetary policy decision of Banxico, while the volatility of the markets has decreased in recent sessions.
Mexico’s economy has suffered 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 be sold 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 forecasts for growth of the Gross Domestic Product (GDP), since Banxico 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
