At the beginning of operations the price of dollar Today Monday is up to 21.05 pesos in banks. While, 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 Yes Santander at 20.75 and Azteca Bank in 20.26 units.
weight it depreciated for the sixth day in a row and was at its lowest level in three months due to concerns about the global economic recovery and the impact on local industry that gas shortages in northern Mexico would have caused last week.
How is the exchange rate going?
Basic bank explained in a report that the peso starts the session with a significant depreciation reaching a maximum of 20.81 pesos, the highest level of the exchange rate on November 6, 2020. The currency is classified as the most depreciated currency, followed by the Turkish lira with 1 , 46 percent and the South African turn by 1.29 percent. Depreciation of the peso is mainly the result of three factors:
1. The US dollar remains relatively strong, with the weighted index advancing 0.07 percent this morning compared to expectations of higher inflation in US as the economy recovers and the Joe Biden administration presses for a new $ 1.9 trillion tax incentive package expected to be approved in House of Representatives Friday 26 to be sent to Senate, with the intention of approving it before March 14.
2. Progress in the vaccination process relative to other savings. The currencies of countries such as the United Kingdom and Chile, which have relatively high vaccination rates (27.8 and 15.1 per 100 inhabitants, respectively), have been among the most popular since 5 February.
3. Finally, The perception of risk to Mexico continues to grow. Last Friday, the Energy Committee of the Chamber of Deputies approved the opinion on the reform of the Electricity Law, which aims to give priority to the Federal Electricity Commission (CFE) in electricity dispatch. Tomorrow, February 23, the reform will be discussed and put to a vote in the Lower House. If approved, it will go to the Senate to be published as law in April. One of the main concerns is around the T-MEC, due to possible international sanctions and lawsuits for non-compliance.
It is estimated that Mexico has natural gas stocks for 1.5 to 3 days, so the lack of electricity is not ruled out in some regions of the country, as happened last week, while in the United States restore supply chains with natural gases.
On the other hand, the Ministry of Finance has published a decree in the Official Gazette of the Federation detailing the tax incentives applicable to Pemex for fiscal year 2021, which will allow the deduction of approximately 73 billion pesos and, in turn, will reduce the payment for the common utility from 58 to 54 percent.
Real time dollar
(…) euro It is sold at the window with a maximum of 25.73 pesos and is bought at 25.20 pesos. In turn, pound It is offered at 28.05 pesos and bought at 29.00 pesos.
Bank of Mexico (Banxico) registered in the previous session an exchange rate of 20.41 pesos per dollar.
With information from Reuters
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