The price of the dollar in Mexico began this Thursday, August 20, with a slight increase compared with the previous close, although its decline was confirmed and it remained below $17 pesos. Although the exchange rate maintains its own daily dynamics, markets, including foreign exchange markets, remain attentive to signals from the U.S. Federal Reserve, developments in the Middle East, and the monetary policies of the Bank of Mexico.
The dollar averaged $16.99 pesos at the opening of trading this Thursday, August 20. This represented a 0.25% increase from the previous closing price of $16.94 Mexican pesos, according to Dow Jones.
Over the past week, the U.S. dollar recorded a 0.25% decline. Meanwhile, over the past year, the greenback has accumulated a 7.48% decline against the Mexican peso.
The trading session comes after the publication of the minutes from the U.S. Federal Reserve’s latest meeting. Investors are also awaiting new U.S. economic indicators that could offer signals about the direction of interest rates.
In Mexico, attention this Thursday will focus on the minutes from the Bank of Mexico’s (Banxico) latest monetary policy decision. The document will provide greater details about the discussion among members of the Governing Board during their most recent meeting.
The Bank of Mexico reported that the official closing rate on Wednesday, August 19, was $16.9466 pesos per dollar. This value is based on the average of banking transactions carried out during the day. However, because the dollar is traded throughout the day, the exchange rate closed at $16.95 pesos per U.S. dollar.
Meanwhile, the FIX exchange rate published in Mexico’s Official Gazette of the Federation (DOF) was set at $16.9593 pesos per dollar for Thursday, August 20. The exchange rate for the payment of obligations denominated in U.S. dollars was set at $17.0638 pesos per dollar.
The interest generated by the dollar’s decline was also reflected in internet searches. This morning, the term “dollar” registered a notable spike in Mexico, with more than 10,000 searches and a momentary increase of 50%, according to Google Trends data.
Dollar exchange rate today at Mexican banks
The buying and selling exchange rates for dollars at the most popular banks in Mexico this Thursday, August 20, are:
- Afirme: buying at $16.10 pesos and selling at $17.70 pesos.
- Banco Azteca: buying at $16.55 pesos and selling at $17.69 pesos.
- BBVA México: buying at $16.10 pesos and selling at $17.23 pesos.
- Banorte: buying at $15.75 pesos and selling at $17.30 pesos.
- Banamex: buying at $16.44 pesos and selling at $17.41 pesos.
- Scotiabank: buying at $16.50 pesos and selling at $17.60 pesos.
In the review of banking rates, BBVA Bancomer offers the lowest selling price at $17.23 pesos, which benefits people who need to purchase dollars in Mexico. Meanwhile, Banco Azteca offers the best buying rate at $16.55 pesos, meaning it pays more for each U.S. dollar.
At banks in Mexico and along the northern border, the dollar is sold at an average of $17.25 pesos and purchased at $16.12 pesos. However, at exchange offices in Mexico and along the Tamaulipas border, the dollar averages $17.50 pesos for selling and $16.50 pesos for buying.
International money-transfer companies are offering different exchange rates this Thursday, August 20.
- Western Union quotes the dollar at $16.62 Mexican pesos.
- MoneyGram offers an exchange rate of $17.36 pesos per dollar sent.
- Wise exchanges the dollar at $16.84 Mexican pesos per dollar sent from the United States.
Remember that both banking rates and those offered by money-transfer companies change constantly throughout the day. The price displayed online may differ from the rate available at a branch or at the moment a transfer is completed. It is advisable to check the exchange rate before completing a transaction to determine the rate available at that time.
Source: laopinion
