The Mexican peso lost ground against the dollar, concluding the day with the exchange rate in banks.

The Mexican peso couldn’t recover from the losses it started with on Thursday. Consequently, at the end of the day, the dollar price on December 7, 2023, closed at 17.45 units for each greenback.

The Mexican currency retreated by 1.17% against Wednesday’s reference price, following two sessions of gains. This drop occurred after the inflation data for November in Mexico was released, reinforcing expectations that the Bank of Mexico will cut the key interest rate starting next year.

“The Mexican currency was affected by the November inflation data, which was below expectations, fueling bets that Banxico will cut the reference rate in the first quarter of 2024,” stated Monex Grupo Financiero in an analysis note.

Meanwhile, BBVA mentioned that it expects the Mexican peso, one of the currencies that has strengthened the most against the dollar this year, to continue losing ground and end 2023 at 18.00 per dollar and 18.50 units next year.

Dollar price in Mexican banks today, December 7, 2023:

• BBVA Mexico – 16.60 pesos for buying and 17.74 pesos for selling
• Citibanamex – 16.93 pesos for buying and 17.89 pesos for selling
• Banco Azteca – 16.70 pesos for buying and 18.29 pesos for selling
• Banorte – 16.25 pesos for buying and 17.75 pesos for selling
• Banca Afirme – 16.50 pesos for buying and 18.00 pesos for selling
• Scotiabank – 15.15 pesos for buying and 18.15 pesos for selling

Excelsior.com – https://www.excelsior.com.mx/nacional/precio-dolar-7-diciembre-2023-tipo-cambio-bancos-mexico/1623933?utm_source=nacional&utm_medium=mostread&utm_campaign=main