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Exchange rate traded on Wednesday in Mexico due to the appreciation of the peso after a decline in the previous session, in line with other emerging economy currencies and in the opposite direction to the dollar which has risen from a seven-week low.
In the morning, dollar price amounted to 19.8970 pesos on the market for Mexico, down 0.32% from Tuesday’s price of 19.9600, according to Reuters data.
Globally, the dollar index, which compares the green dollar to six rival currencies, has gained on a weakening of stock markets and a resurgence of COVID-19 cases in countries such as India and Japan. The Mexican peso depreciated by 0.72% in the previous session, after six sessions with gains that took it to the best level in the last three months.
Gabriela Siller, director of economic analysis at Banco Base, stressed that Wednesday’s exchange rate move “is only the result of an adjustment in losses in Tuesday’s session”.
“The Mexican peso, along with a small group of currencies, is moving in the opposite direction to the dollar, something that had not happened since Monday, April 5,” the executive added.
For its part, the Monex financial group estimated for the session a fluctuation rate of the exchange rate between 19.80 and 20.00 pesos per dollar, taking into account the key support levels at 19.78 and the resistance at 20.10 units.