The U.S. dollar is showing signs of gaining even more strength against the Mexican peso, as the greenback hit a nearly two-week high by selling for 17.03 pesos in Mexico City banks on Monday Sept. 21.
The dollar ended Monday with an increase of 10 centavos compared to the close on Friday Sept. 18, being sold at up to 17.03 pesos, and bought at a minimum of 16.08 pesos in Mexico City banks.
Meanwhile, the euro gave ground at 18.98 pesos, representing a decrease of 14 cents, while the yen reached a price of 0.141 pesos.
The Bank of Mexico (Banxico) set the exchange rate to settle liabilities denominated in foreign currency payable in Mexico on 16.6865 pesos per dollar.
Analysts attributed the dollar’s continued strengthening to the decision by the Bank of Mexico to maintain interest rates relatively low at 3 percent, leaving the peso more exposed to global currency volatility.
This has wiped out all possibility that the peso could maintain its strength, as this week the central bank had to auction off USD$400 million, due to the rapid depreciation of the Mexican currency held in the intraday market.
The 52-week range for the dollar – peso exchange rate has oscillated from 13.2 to 17.3.
Sources: noticieros.televisa.com; informador.com.mx; reuters.com; bloomberg.com.
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