The price of the dollar in Mexico began the day this Wednesday, August 5, with a slight decline against the Mexican peso. This movement represents good news for those who plan to buy dollars or make payments in that currency, since the greenback is trading at a lower price compared to the previous day's close; not so for those who send remittances.
At the opening this Wednesday, the US dollar was quoted on average at $17.21 Mexican pesos. This represents a decrease of 0.29% compared to the $17.26 pesos with which Tuesday's session concluded, according to Dow Jones data. On average, the price of the dollar today in Mexico is $17.22 pesos per greenback.
The trend of the US currency has also remained downward in recent days. In the last week, the dollar accumulates a drop of 0.77%, while, compared to the same period last year, it registers a decrease of 7.99%.
For its part, the peso closed the day on Tuesday with an advance against the US currency. The Mexican currency gained 0.42% in a session influenced by the weakening of the dollar due to the international uncertainty caused by the outlook in the Middle East.
The Bank of Mexico (Banxico) reported that the official closing on Tuesday, August 4, was $17.2583 pesos per dollar, a figure calculated based on the average of banking operations carried out during the day. However, because the exchange rate fluctuated constantly during the day, the dollar ended up trading around $17.26 pesos.
Regarding the recent behavior of the exchange market, the exchange rate of the dollar against the Mexican peso maintains a negative trend during the last two days. Furthermore, volatility is located at 3.94%, a level considerably lower than the reference volatility of 7.44%. This reflects an environment of relative stability for the currency market, despite daily variations in the price.
Banxico also announced that the FIX exchange rate, published in the Official Gazette of the Federation (DOF), was established at $17.2717 pesos per dollar for this Wednesday, August 5. This value serves as a reference for various contracts, financial operations and official procedures, and is published at noon on the previous business day.
On the other hand, the exchange rate for the payment of obligations denominated in foreign currency was set at $17.3317 pesos per dollar. This value is used when a person or company must settle a debt agreed in dollars within Mexico and is provided for by Mexican legislation for this type of operations.
Dollar exchange rate today in Mexican banks
The purchase and sale quotes for the dollar in some of the main banks in Mexico for this Wednesday, August 5, are as follows:
When reviewing bank quotes, Banorte offers the lowest selling price of the day, an advantage for those who want to buy dollars. In contrast, Scotiabank remains the best purchase price for the second consecutive day, so it pays more for the dollars its clients receive.
In banks in Mexico and the northern border, the dollar is sold on average for $17.54 pesos and purchased for $16.41 pesos. Meanwhile, in the exchange houses on the Tamaulipas border, the average price is $17.50 pesos for sale and $16.50 pesos for purchase.
Companies dedicated to sending international money also handle quotes that are different from the banking market. This Wednesday, Western Union quotes the dollar at $16.91 Mexican pesos. For its part, MoneyGram manages an exchange rate of $17.77 pesos per dollar, while Wise offers a quote of $17.09 pesos for each dollar sent from the United States to Mexico.
The price of the dollar changes constantly during the day, so quotes may vary between financial institutions, exchange houses and money transfer companies. Before making a currency purchase, international payment or transfer, it is a good idea to check the current exchange rate to find the most convenient option.
You may also be interested in:
