Peso closes at 16.46 units per dollar; its best level since 2015

Mexico City. The peso against the dollar concluded the last day of the week at 16.46 units per greenback, its best level since November 2015.

Throughout the week, the national currency had a gain of one percent, since at the close of Monday the exchange rate reported by the Bank of Mexico (BdeM) ended the exchange session at 16.63 units per greenback.

Monex analysts expressed that, to a large extent, the gains of the Mexican currency are explained by the rate differential that remains between Mexico and the United States.

“The behavior of the peso was driven by market expectations about interest rates in both countries, highlighting the attractive differential that the Bank of Mexico (BdeM) rate presents with respect to that of the United States Federal Reserve,” they said. Monex specialists.

Banco Base analysts stated that, so far this year, the peso with respect to the dollar, which is the main currency to be negotiated in the exchange market, has gained 51.7 cents or 3.05 percent, which remains the currency most appreciated among the main crossovers in American fashion.

“During most of the week the exchange rate showed a lateral behavior, around the level of 16.55 pesos per dollar and the appreciation was concentrated in the Friday session, after in the United States the non-agricultural payroll showed the creation of 303 thousand job positions during March, exceeding market expectations and sending a signal that the US economy continues to grow at a solid pace,” Banco Base detailed in an analysis.

He elaborated that “the peso appreciated, since the growth of the United States is positive news for the country, due to the close economic relationship between both countries,” Monex noted.

For its part, the Price and Quotations Index (IPC) of the Mexican Stock Exchange (BMV) closed at 58,092 points, which meant a gain of 0.36 percent compared to yesterday.