©Reuters. The Mexican peso closes at 20.32 per dollar in the seventh week of gain
Mexico City, Jan 14 (.).- He closed this Friday with a weekly appreciation of 0.25% when trading at 20.32 units per US dollar, with which he spins seven weeks of profit.
The data implies a weekly appreciation of 5 Mexican cents against the exchange rate of 20.37 units of the previous Friday reported by the Bank of Mexico (Banxico).
The exchange rate touched a minimum of 20.28 during this week and a maximum of 20.36 pesos per dollar, Gabriela Siller, director of economic analysis at Banco Base, explained to Efe.
“The peso accumulates seven consecutive weeks of appreciation against the dollar, with an accumulated appreciation of 7.38% or 1 peso and 62 cents. It is worth mentioning that the appreciation of the peso for seven consecutive weeks is something that has not happened for three years” , highlighted the analyst.
Since December, the appreciation of the Mexican peso has benefited from a “lesser perception of risk” associated with the omicron variant of covid-19 and a “decrease in the volatility of the exchange rate,” Siller said.
As for internal factors, the specialist stated that the monetary stance of the Bank of Mexico “has been more aggressive than anticipated” and that “the nervousness associated with the new composition of the Board of Governors of the Bank of Mexico has been reduced”, which since January It has Victoria Rodríguez as governor.
“Going forward, it is likely that the exchange rate will continue to recover ground towards levels close to 20.00 pesos per dollar. However, an appreciation from current levels could be at a slower pace,” the Bank expert warned. Base.
The Mexican peso, which was around 18.5 units per dollar before the pandemic, suffered its worst moment in March 2020 when it exceeded 25 units.
The Mexican currency closed 2021 with an annual depreciation of 3.01%, trading at 20.51 units per dollar on the last day of the year.
The covid-19 pandemic crisis caused a historic 8.2% contraction in Mexico’s gross domestic product (GDP) in 2020, the worst crash since the Great Depression of 1932.
The Mexican economy would have rebounded 5.8% in 2021, the Economic Commission for Latin America and the Caribbean (ECLAC) estimated this week.
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