Price of the dollar today in Mexico: know how much the exchange rate is this March 24

The price of the dollar in Mexico is trading lower, benefiting from a greater appetite for assets associated with raw materials, amid a new upturn in crude oil prices.

The exchange rate ended the session on Wednesday at 20.1876 Mexican pesos per dollar, a drop of 0.41% compared to the reference price of the Reuters agency on Monday. For the day of March 24, the value of the dollar will be known in the early hours of the day.

Meanwhile, the main stock index S&P/BMV IPC fell 1.01% after five consecutive days of gains that led it to reach a new all-time high of 55,902.28 points the day before.

What is the price of the dollar today in Mexico?

The US currency was trading lower and the exchange rate is trading at 20.18 pesos per dollar, according to data from the Reuters agency.

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?

At a regional level, most Latin American currency and stock markets rose on Wednesday, benefiting from a greater appetite for assets associated with raw materials, amid a new rebound in crude oil prices.

Oil prices rose 5% to more than $121 a barrel, as the halt in exports of Russian and Kazakh crude through the CPC pipeline added to concerns about global supply shortages.

“People are leaving high-quality assets for riskier ones and in this case emerging currencies are being favored”said Andrés Cuartas, manager of international fixed income at Renta4Global. “It is a lower aversion to risk and an entry of foreign agents betting on the region and the cycle of commodities in an environment of decrease in terms of supply of basic products”he added.

However, investors remain aware of the conflict in Ukraine. US President Joe Biden is expected to propose new sanctions against Russia during his trip to Europe.

Biden, who is headed to Brussels for talks with NATO and European leaders, will push Europe to reduce its dependence on Russian oil and gas, and could announce new sanctions against Russia to members of the European Parliament for the invasion of Ukraine.