The US dollar is quoted today at 19.68 Mexican pesos on average, which implied a change of 0.85% compared to the value of the previous day, when it ended at 19.85 pesos.
In the last week, the US dollar has increased by 2.07% and in interannual terms it still has an increase of 12.64%.
In relation to previous days, it has had two consecutive sessions in negative figures. In reference to the volatility of the last week, it is higher than the numbers achieved for the last year (12.99%), which shows that it is going through a phase of instability.
The financial group Monex explained in its exchange analysis that the Mexican peso maintains the advance established earlier in the opening of the American session, positioning itself in second place among the currencies that show the greatest gains against the dollar, due to the weakening of the US currency this morning.
In his exchange rate analysis this morning, he highlighted that the latter has also led to a general appreciation of the currencies of emerging countries.
The Mexican economy has suffered a series of contrasts, which will continue, according to the forecasts of the Bank of Mexico (Banxico) for this 2024.
Regarding 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 economic growth forecasts, as 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
