Chihuahua.- Between the end of May and the month ending today, the Mexican peso lost 8.4 percent of its value against the US dollar, after almost four weeks of a phenomenon of high volatility that began after the elections on June 2.
In the local exchange market, yesterday Saturday the North American currency was quoted between 18.10 and 18.34 pesos for sale and between 16.80 and 17.60 for purchase, according to the announcements published in the negotiations dedicated to currency transactions.
This exchange rate for moderate amounts of active transactions was in line with the latest exchange rate published in the Official Gazette of the Federation (DOF) by the Bank of Mexico (Banxico), the institution that sets the benchmark for settling obligations denominated in foreign currency payable within the country.
This benchmark of the central bank was located at 16 pesos and 89 cents on the last business day of last year, December 29, 2023, from where it rose to 18 pesos and 45 cents on one of the days that recorded the greatest losses. the national currency, on June 17 of this year.
While in the exchange markets The price reached almost 19 pesosdue to fluctuations generated by the demand for foreign currency since the conclusion of the electoral process, according to the official reference, it was located up to 50 cents below said line of transactions at the time.
The Mexican peso fell slightly against the dollar at the end of the first month of 2024, to stand at 17 pesos and 19 cents, according to the publication of the corresponding day in the DOF; towards the end of March, on the 27th, it appreciated again until the US currency was quoted at 16.67 pesos.
By the end of April, the official exchange rate for payment of obligations was 17 pesos with 02 cents per dollar, while by the end of May, two days before the election, it closed at 16 pesos with 93 cents per US currency.
On June 3, after the victory with 60 percent of the votes of the morenista Claudia Sheinbaum, the peso began to retreat; The official exchange rate was placed by Banxico at 17.01 pesos per dollar, while for June 5 it was 17 pesos. 86 per dollar.
According to bank and exchange market analysts, the overwhelming victory of Morena and the forecast of a qualified majority in the Federal Legislature, as well as the announcement of the Judicial Reform that proposes the direct election of judges, magistrates and ministers of justice, led to an increase in the dollar or a fall in the Mexican currency in anticipation of economic risks in Mexico.
Thus, on June 10, the exchange rate stood at 18.26 pesos per dollar and advanced to 18.45 pesos per dollar the following week, after constant fluctuations in currencies, also affected by the electoral contest in the United States. , which elects its president in November.
For June 24, the exchange rate was 18.18 pesos per dollar; one day after 17.96 pesos per dollar and in the following days of the business week that ended last Friday it remained above 18 pesos per dollar, with differentials in the decimals on all days.
Thus, in the comparison between December 2023 and June 28 of this year, the Mexican peso had lost 8.7 percent of its value against the dollar, with the negative difference of one peso with 48 cents in the exchange rate; but the loss was marked in the comparison of the exchange rate of May 31, before the election day, with the last date of the DOF: 8.4 percent or one peso with 43 cents of absolute depreciation.
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