On Friday, the Mexican peso demonstrated remarkable resilience, closing at 16.46 against the US dollar, its strongest position since November 2015.
This achievement, as reported by the Bank of Mexico (Banxico), signifies the peso’s robust performance in the face of global economic fluctuations.
During the day, the currency saw highs and lows, eventually peaking at 16.4910, a testament to its growing strength.
BASE Financial Group notes the peso appreciated 3.05 percent since early 2024, outperforming major currencies.
Their analysis shows the rate was stable at 16.55 pesos per dollar for the week, with gains on Friday.
Monex suggests the peso gained from positive expectations about Mexico-US interest rate differences.
They predict the peso will maintain its strong stance, possibly oscillating around 16.48 pesos per dollar in the near term.
Mexican Peso Climbs to New Heights, Outperforming Since 2015
Banxico’s strategic cut of the key local interest rate to 11.0 percent on March 21, the first in three years, mirrored the Federal Reserve’s stable US rates.
This decision underscores the confidence in the peso’s strength and Mexico’s economic management.
The peso’s gradual appreciation since mid-2020 has earned it the nickname “super peso” under President Andrés Manuel López Obrador’s administration.
The government pointed out the peso’s 18.5 percent rise in value from 2018 to 2024, attributing this to Mexico’s economic strength.
They presented it as evidence of the peso’s solid standing in the global financial market.