MEXICO CITY. -The dollar fell this afternoon to its lowest level in a month after the US Federal Reserve (Fed) stepped up its economic outlook.
In wholesale operations, the exchange rate this afternoon amounts to 20.31 pesos per dollar and represents the best level of the Mexican currency since February 19, when it reached 20.25 units.
This is equivalent to a weight gain of 1.4% or 30 cents compared to Tuesday, as well as a cumulative appreciation of 5.6% or 1.20 pesos from last week, according to information from the Bloomberg agency.
At retail, the dollar is trading at less than 21 pesos for the first time since February 24. CitiBanamex sells the coin for 20.81 pesos and accumulates a decrease of 1.13 units since the beginning of last week.
The fall in the dollar is linked to the Fed’s announced expectations updates this afternoon.
The world’s most influential central bank has suggested that US interest rates will remain close to 0% until 2023, while raising its inflation and growth forecasts for Mexico’s main trading partner.
Fed Chairman Jerome Powell also said the US central bank will share an update on the bank’s liquidity rule in the “coming days”.
At the beginning of the pandemic, an exemption from the “additional liquidity ratio” came into force to encourage large banks to lend and support bond markets and short-term financing.