MEXICO: This is how the dollar closed today on January 8

He American dollars Quote at closing time 16.82 pesosSo it represents a change of 0.33% compared to last session’s 16.88 pesos.

In relation to the last seven days, the American dollars shows a decrease in 1.14%So in interannual terms it still accumulates decline 7.16 percent.

If we compare the figure with the previous days, the tables have changed with respect to the previous day, which recorded an increase of 0.83%, which itself shows an inability to consolidate the stable trend recently. In the last week, the volatility was apparently lower than the cumulative last year, indicating that we can say that it is going through a period of greater stability in recent times.

The Mexican economy has endured a series of headwinds in recent years. With zero growth – even before the pandemic – it has recently been recovering.

For its part, inflation started to rise from the beginning of 2021, reaching its historical maximum of 8.7% in September 2022. It has been declining ever since. The above is largely due to the monetary policy of the Bank of Mexico (Banksico), which has chosen to increase reference rate.

Although the same central bank assures that general inflation is already at a low level in line with its historical behavior, this “does not mean that the process of disinflation should be taken for granted, as the level is still above the objective.”

The Banksico Governing Board “estimates that Inflation estimates It will be complex and uncertain” and “with risks above”, so – and to maintain the 3% target – “it will be necessary to maintain the reference rate at its current level for a long time.”

For its part, the peso has experienced better conditions. Since mid-2022, the Aztec currency has been so strong against the dollar that it has been nicknamed “Superweight”.

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

In addition, the Mexican currency broke with Banksico forecast. At the beginning of the year, he assured that the dollar would close 2023 at an average of 20 pesos per unit and, although he adjusted his forecasts as the months progressed, the truth is that the exchange rate still remained low.

Currently, Banksco expects that During 2024 The dollar is quoted between 17.68 pesos and above 18.67 pesos per unit.

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

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

Currently the abbreviation MXN is used to talk about the Mexican peso, but before 1993 the abbreviation MXP was used.

Coins commonly used in Mexico are semicircular with the national coat of arms on the reverse. One Mexican peso is equivalent to 100 cents. There are coins of 1, 5, 10 and 20 pesos; While bills have denominations of 20, 50, 100, 200, 500 and 1,000 pesos.