The price of the dollar in Mexico is on the rise, with the markets attentive to the development of the war in Ukraine at the beginning of a week that will also be marked by the Federal Reserve’s monetary policy meeting.
The exchange rate ended the session on Monday at 20.9178 Mexican pesos per dollar, an advance of 0.10% compared to the reference price of the Reuters agency on Monday. For the day of March 15, the value of the dollar will be known in the early hours of the day.
In addition, the main stock index S&P/BMV IPC, which includes the 35 most liquid companies in the Mexican market, fell 0.93% to 52,807.62 units, in its third consecutive day of decline.
What is the price of the dollar today in Mexico?
The US currency gained 0.10% and the exchange rate is trading at 20.91 pesos per dollar, according to data from the Reuters agency.
What is the Mexican peso?
The Mexican peso is the official currency of Mexico and the fifteenth most traded currency worldwide, as well as the third in the region, below the US dollar and the Canadian dollar.
The Mexican currency was the first to use the ‘$’ sign which was later popularized by the United States with US dollars. Also, since 1993 the abbreviation for the Mexican peso is ‘MXN’.
In Mexico, one peso is equivalent to 100 cents and there are coins of 1, 5, 10 and 20 pesos, as well as bills of 20, 50, 100, 200, 500, and 1,000 pesos.
Why did it close lower?
“The Mexican peso started the week relatively calmly, despite the fact that the war in Ukraine continues without any sign of resolution, at least in the short term, with operators awaiting the Fed meeting, as well as the resurgence of cases of COVID-19 in Asia”said the local CI Banco in a report.
At a regional level, most Latin American currencies fell on Monday along with stock markets, with markets attentive to the development of the war in Ukraine at the beginning of a week that will also be marked by the monetary policy meeting of the Federal Reserve.
According to the Reuters agency, the markets widely expect the Fed to start the cycle of interest rate hikes, to combat galloping inflation, with an increase of 25 basis points.
The United States warned China on Monday not to help Russia’s invasion of Ukraine, as Moscow allowed a first convoy to escape from besieged Mariupol, where the conflict’s worst humanitarian crisis has unfolded.
The dollar, meanwhile, fell against a basket of currencies on Monday but remained near a 21-month high hit last week as investors focused on Russia-Ukraine peace talks. The wait for the meetings of the main central banks this week limited the movements in the foreign exchange market.