Exchange rate today
This Wednesday, the exchange rate was quoted at 18.0978 pesos per dollar, a depreciation of 0.45% compared to Tuesday’s closing price recorded by the Bank of Mexico.
With current levels, the peso accumulates a depreciation of 5.01% compared to the end of August, according to a Monex analysis.
The depreciation of the peso is due to continued risk aversion given the conflict between Israel and the extremist group Hamas. An escalation is feared after a hospital was bombed in Gaza, leaving around 500 people dead.
The Israeli government denies its responsibility in the bombing, but is pointed out as the author of this tragedy by countries such as Lebanon, Jordan, Libya, Yemen, Tunisia, Morocco, Turkey and Iran. The latter country called on Islamic countries to impose an oil embargo against Israel.
Against this backdrop, emerging currencies are losing ground against the dollar and oil and gold prices are rising. WTI begins the session with a gain of 1.63% and is trading at $88.07 per barrel.
The price of gold, for its part, rose 1.1%, to $1,945 an ounce, well above its recent low of $1,809.
During the session, the exchange rate is expected to be between 18.02 and 18.23 pesos per dollar, Banco Base estimated.
With information from Reuters