The Mexican peso began the week with a slight depreciation of 0.13%, to trade at a level of 17.8028 units per dollar, on the eve of the publication of inflation data for April in Mexico, a key figure to anticipate the path of monetary policy for the Bank of Mexico (Banxico).
The local currency ended the session on Monday with a slight drop of 2.32 cents, with a maximum of 17.8404 units and a minimum of 17.7403 units, data from Banxico show.
“The depreciation of the peso is due to an upward correction of the exchange rate after hitting a minimum in the year of 17.7405 pesos per dollar overnight, a level not seen since September 22, 2017,” said Gabriela Siller, director Economic Analysis at Banco Base.
The Dollar Index, which measures the greenback against a basket of six strong reference currencies, rose slightly (0.07%) to 101.39 units, compared to the previous day.
Despite the fall on Monday, the exchange rate runs six sessions below 18 pesos per dollar and appreciates 8.75% against the currency in 2023.
The president of Mexico, Andrés Manuel López Obrador, said in a conference: “Our currency is very strong, as it has not been seen in a long time.”
