Peso falls marginally after touching its best level since March 2020

The Mexican peso regressed marginally compared to American dollar this Tuesday. The local currency depreciated in a market that remains expectant for the last steps that the Federal Reserve in its fight against inflation.

The exchange rate finished operations at the level of 19.3478 units compared to yesterday’s close of 19.3406 units, with official data from the Bank of Mexico (Banxico). This meant for the peso only a marginal loss of 0.4%, less than one cent.

The crossing operated in an open range between a maximum of 19.4718 units and a minimum level of 19.2504 units. The Dollar Index (DXY), which measures the greenback against a basket of six benchmark currencies, lost 0.21% at 106.43 units at the close.

Despite its slight depreciation, the Mexican currency once again marked a new minimum during the day not seen since March 2020, given the bets that the Federal Reserve could begin to ease the pace of interest rate hikes.

“The news about the possible future decisions of the central bank have caused the peso to appreciate and it would not be strange to see it touch levels close to 19 units. We will see a strong peso for the rest of this week,” said Fintech Mundi.

jose.rivera@eleconomista.mx