The peso closed this Friday with a weekly appreciation of 0.74%, trading at 20.18 units per dollar in the interbank market, registering a second week up after more than a month down.
This implies a weekly gain of the peso of 15 cents compared to the exchange rate of 20.33 units per US bill of the previous Friday, according to the data reported by the Bank of Mexico (Banxico).
“The appreciation of the peso occurred due to a decrease in the perception of risk in global financial markets, which allowed the peso to appreciate for the second consecutive week,” explained Gabriela Siller, director of economic analysis at Banco Base.
In the week, the exchange rate touched a maximum of 20.50 and a minimum of 20.13 pesos per dollar.
Among the factors that allowed the peso to appreciate, the analyst highlighted a “technical correction” in the foreign exchange market, recovering lost ground against the dollar, which in turn depreciated against other currencies. There was also a “contagion effect of optimism in the capital market.”
In addition, he stressed that the expectation that the Bank of Mexico will continue to raise the interest rate in the face of inflation above six percent also influences the evolution of the Mexican currency.