Closing price of the euro in Mexico this Wednesday, October 16

The euro closed at an average of 21.59 Mexican pesos, which meant a change of 1.9% compared to the 21.19 pesos of the previous session.

Regarding the profitability of the last seven days, the euro shows an increase of 1.38%, so that in interannual terms it still maintains a rise of 14.87%.

If we compare the figure with past days, it chained three consecutive sessions in positive values. The volatility figure was higher than that accumulated in the last year, which indicates that it is presenting a more unstable behavior.

The Mexican peso and the euro

The Mexican peso has not only had a good performance against the US dollar, but has also shown strength against the euro, considering the last year.

The Mexican currency, one of the few that has not depreciated against the dollar despite problems affecting the world such as inflation, has recorded its best numbers since its best streak in 2016.

Colloquially called the “super peso,” the strength of the Mexican currency is largely due to the decisions of the Bank of Mexico (Banxico) regarding reference rates, while increasing its attractiveness for investors.

With the stability achieved in 2023 in public finances and remittances, the Government of Mexico has estimated that the record for remittances in 2022 (58.487 billion dollars) could be broken.

In contrast, the euro has been approaching parity with the dollar and has even become worth less than a dollar, a situation that has not been seen for 20 years, in part not only due to global inflation, but also due to Russia’s invasion of Ukraine that brought with it the fall in raw materials.

Characteristics of the Mexican currency

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

The Mexican peso is the fifteenth most traded currency in the world, as well as the most traded in Latin America and the third on a continent only behind the US and Canadian dollars.

Currently, the abbreviation MXN is used to refer to the Mexican peso, but before 1993 the initials MXP were used.

The coins normally used in Mexico are semicircular in shape and have the national emblem on the reverse. 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