Price of the dollar today in Mexico: know how much the exchange rate is this Thursday, March 3

The price of the dollar in Mexico closed lower on Wednesday, as reported by the central bank of the Aztec country and various financial entities.

The exchange rate ended the session at 20.6089 Mexican pesos per dollar, a drop of 0.13% compared to the reference price of the Reuters agency on Tuesday. For the day of March 3, the value of the dollar will be known in the early hours of the day.

For its part, the benchmark S&P/BMV IPC stock index gained 0.25% to 53,300.66 points, with a volume of 198.2 million shares traded.

What is the Mexican peso?

The Mexican peso is the official currency of Mexico and the fifteenth most traded currency worldwide, as well as the third in the region, below the US dollar and the Canadian dollar.

The Mexican currency was the first to use the ‘$’ sign which was later popularized by the United States with US dollars. Also, since 1993 the abbreviation for the Mexican peso is ‘MXN’.

In Mexico, one peso is equivalent to 100 cents and there are coins of 1, 5, 10 and 20 pesos, as well as bills of 20, 50, 100, 200, 500, and 1,000 pesos.

Why did it close lower?

The Mexican peso and the stock market advanced on Wednesday after the president of the Federal Reserve, Jerome Powell, dispelled concerns about the magnitude of the tightening of monetary policy due to the impact of the conflict between Russia and Ukraine.

According to Reuters, Powell said he was “inclined to propose and support a 25 basis point rate hike” at this month’s US central bank meeting, but would be “prepared to act more aggressively” if the inflation is not falling as fast as expected.

“If an additional appreciation of the peso is observed, the level of 20.50 per dollar is intermediate support, followed by the key support of 20.30″, said Gabriela Siller, director of analysis at local Banco Base.

“In the current scenario (as long as the war and uncertainty continue) it is unlikely that the exchange rate will quickly return to levels below 20.30 pesos,” he added.