When starting operations, the price is of dollar Today Monday it is up to 21.05 pesos in banks. While, the exchange rate The interbank rate is 20.78 pesos per dollar, with a loss of 1.74 percent.
BBVA Mexico sell the dollar at 21.05, Banorte Y Santander at 20.75 and Azteca Bank in 20.26 units.
The weight it depreciated for the sixth day in a row, performing at its worst level in more than three months amid concerns about the global economic recovery and the impact on local industry that the gas shortage in northern Mexico would have caused last week.
How’s the exchange rate going?
Basic sofa explained in a report that the peso starts the session with a significant depreciation of up to 20.81 peso, the highest exchange rate level since November 6, 2020. The currency is ranked as the most depreciated currency, followed by the Turkish lira at 1 , 46 percent and the South African Rand at 1.29 percent. The peso’s depreciation is mainly the result of three factors:
1. The US dollar remains relatively strong, with the weighted index at 0.07 percent this morning, based on expectations of higher inflation U.S as the economy recovers and the Joe Biden administration pushes for a new $ 1.9 trillion fiscal stimulus package, expected to hit the House of Representatives on Friday the 26th to Senate, with the intention of adopting it before March 14.
2. Progress in the vaccination process relative to other economies. Currencies from countries such as the United Kingdom and Chile that show relatively high vaccination rates (27.8 and 15.1 for every 100 residents, respectively), their currencies are among the most valued currencies since February 5th.
3. Finally, Risk perception regarding Mexico continues to increase. Last Friday, the Energy Commission of the Chamber of Deputies approved the opinion of the reform of the Electricity Act, which aims to give priority to the Federal Electricity Commission (CFE) in electrical transmission. Tomorrow, 23 February, the reform will be discussed and put to a vote in the Lower House. If approved, it will go to the Chamber of Senators to be published as law in April. One of the main concerns concerns the T-MEC, due to possible sanctions and international lawsuits for non-compliance.
Mexico is estimated to have only 1.5 to 3 days of natural gas reserves, so electricity shortages are not ruled out in some regions of the country, as happened last week, while in the United States they restore natural gas supply chains.
On the other hand, the Treasury Department published a decree in the Federation Government Gazette outlining the tax incentives applicable to Pemex for the 2021 fiscal year, allowing for about 73 billion pesos to be deducted and in turn the payment for shared utility will be reduced. Duty from 58 to 54 percent.
Dollar in real time
The euro It is sold at the window for up to 25.73 pesos and is bought for 25.20 pesos. For his part, pound sterling It is offered for 28.05 pesos and bought for 29.00 pesos.
The Bank of Mexico (Banxico) recorded an exchange rate of 20.41 pesos in the previous session per dollar.
With information from Reuters
MRA