He Mexican peso opened the day this Wednesday at its best level since 2015, trading at 16.85 units per US dollar, a sample of the phenomenon called “superweight”.
“The peso continues to strengthen and wages gain purchasing power. The peso stands at 16.85 per dollar, something not seen since 2015″, presumed the spokesman for the Presidency of Mexico, Jesus Ramirez Cuevasin their social networks.
This Wednesday’s price has not been seen since December 7, 2015, when the Mexican currency stood at 16.6551 per US bill, he pointed out. Gabriela Sillerdirector of Economic Analysis at Banco Base, in an analysis.
The appreciation of the peso occurs due to the weakening of 0.66% of the US dollar, according to the weighted index, before the publication of inflation in the United States, added the specialist.
“If the peso follows the same trend observed since July of last year, it could appreciate up to 16.74 pesos per dollar this year”Siller commented.
The milestone occurs in the midst of a phenomenon that specialists have called ‘superweight‘which refers to the historical appreciation of the Mexican currency driven, in particular, by the process of relocation of chains or ‘nearshoring‘.
This implies that the Mexican currency has appreciated due to the increasing arrival of investments from foreign companies that move their production to Mexico to be closer to the United States.
The Ministry of Finance and Public Credit (SHCP) stated this Wednesday that “The Mexican peso is the second most appreciated Latin American currency against the dollar” citing that it appreciated 13.8% in the first half of 2023, only below 16.3% of the Colombian peso.
The exchange rate has also surprised because the Mexican currency reached levels of 24 pesos per dollar in the second quarter of 2020, the peak of the COVID-19 pandemic in the country.
Before the pandemic, the level was close to 18.5 pesos per dollar.
Although the Government boasts of the fact as a political milestone, specialists have also warned of risks for tourism and exports, the main engines of the Mexican economy.
Source: EFE
Source: Gestion
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