On the last day, the US dollar was paid at the close at 20.27 Mexican pesos on average, which represented a decrease of 0.53% compared to 20.38 Mexican pesos on average the previous day.
Taking into account last week, the US dollar marked a decline of 1.73% and in year-on-year terms it still maintains a decline of 0.61%. As for the changes of this day compared to previous days, it ended two days in a row with a positive trend. The volatility of the last seven days was manifestly lower than that accumulated in the last year, so it is performing more stable than the general trend recently indicated.
In the annual photo, the US dollar has even changed by a high of 21.36 Mexican pesos on average, while its lowest level has been 20.23 Mexican pesos on average. The US dollar is closer to its minimum value than to the maximum.
The Mexican peso panorama
The Mexican peso is the legal tender of Mexico and is the first currency in the world to use the $ sign, which was later taken up 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 the continent 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 have a semicircular shape and have the national coat of arms on the back. One Mexican peso equals 100 cents. There are coins of 1, 5, 10 and 20 pesos; while in banknotes there are 20, 50, 100, 200, 500 and 1,000 pesos.
A weight hit
Currently, the Mexican peso has been hit in its balance after the arrival of the COVID-19 pandemic in the world, as well as other events that have marked it as electoral processes both nationally and in the United States, one of Mexico's main trading partners.
Uncontrollable inflation, also as a result of COVID-19, which keeps monetary policy on hold, has also left the weight between uncertainty in the face of an almost always strengthened dollar.
During 2021, the Mexican peso closed with a 2.72% depreciation against the dollar, although it remained largely stable to trade flows and, in particular, exports to the United States.
According to estimates by the Banco de México (Banxico), for 2022 the Mexican peso is expected to rise and reach 21.34 units per dollar.
Mexico declared a quarantine on March 23, 2020 in the face of the COVID-19 pandemic and kept only essential activities open, which was a major blow to the economy that has not fully recovered.
Mexico's economy, the second largest in Latin America after Brazil, grew 5% in 2021, according to figures from the National Institute of Statistics and Geography (Inegi).
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Agencies