Mexico: this is how the dollar price closed today, January 8

Global stock markets are on guard following the fall in global stock indices recorded in the first week of 2024.  (REUTERS/Marcos Brindicci)
Global stock markets are on guard following the fall in global stock indices recorded in the first week of 2024. (REUTERS/Marcos Brindicci)

He U.S. $ quoted in conclusion 16.82 pesosso this represents a change of 0.33% from P16.88 in the previous session.

As for the last seven days, then U.S. $ marks a decline 1.14%therefore, in interannual terms the decrease still accumulates 7.16 percent.

If we compare the indicator with previous days, the tables have turned over in relation to the previous day, which recorded an increase of 0.83%, showing itself recently incapable of consolidating a stable trend. Last week, volatility was noticeably lower than that accumulated over the past year, indicating that we can say that it has been experiencing a period of greater stability recently.

Exchange rate trend.  (Information)
Exchange rate trend. (Information)

The Mexican economy has experienced a number of contrasts in recent years. With zero growth – even before the pandemic – it has been recovering recently.

In turn, inflation began to rise from the beginning of 2021, reaching a historical high of 8.7% in September 2022. Since then it has been declining. The above is largely due to the monetary policy of the Bank of Mexico (Banksico), who decided to increase base rate.

While the same central bank assures that overall inflation is already low in line with its historical behavior, this “does not mean that the disinflationary process should be taken for granted as levels are still above target.”

The Board of Governors of Banxico “assesses that inflation forecast It will be difficult and uncertain” and “with upside risks”, so – and to maintain the 3% target – “it will be necessary to maintain the base rate at its current level for an extended period.”

For its part, the peso experienced a best-case scenario. Since mid-2022, the Aztec currency has been strong against the dollar to the extent that it has been nicknamed “superweight”.

The dollar reached its lowest point in July 2023, when it was quoted at just over 16 pesos per unit, a figure not seen since 2015. The quote was repeated at the end of the year.

Moreover, the Mexican currency broke with Banksico forecasts. At the beginning of the year, he assured that the dollar would average above 20 pesos per unit in 2023, and although he adjusted his forecasts as the months passed, the truth is that the exchange rate remained even lower.

Banksico currently expects that during 2024 dollar is quoted from 17.68 pesos to 18.67 pesos for a unit.

Overall, the peso performed well, managing to earn a name "super weight".  (Archive)
Overall, the peso showed good growth, earning the nickname “superweight.” (Archive)

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

The currency is the fifteenth most traded currency in the world, as well as the most traded in Latin America and third on the continent after the US and Canadian dollars.

Currently, the abbreviation MXN is used for the Mexican peso, but until 1993 the abbreviation MXP was used.

Coins commonly used in Mexico are semicircular in shape and feature the national coat of arms on the reverse. One Mexican peso is equal to 100 cents. There are coins in denominations of 1, 5, 10 and 20 pesos; and in denominations of 20, 50, 100, 200, 500 and 1000 pesos.

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