How much was a dollar in 2015?
This Wednesday, the Mexican peso broke through another barrier, trading at 16.98 pesos per dollar, a level not seen since December 18, 2015 when the exchange rate reached 16.9590 pesos per dollar.
However, the peso depreciated more than 14% in all of 2015Well, from costing 14.82900 each dollar on January 2 of that year, it ended up costing 17.2487 at the end of December.
Why the dollar rose in 2015?
The depreciation of the peso during 2015, when the president of Mexico was Enrique Peña Nieto, was due to a number of factors. For example:
- That year, Standard and Poor’s Global Rating changed the outlook for Mexico’s debt rating from stable to negative.
- In November 2015, Moody’s lowered Pemex’s credit note from A3 to BAA 1, due to liquidity problems.
- The price of oil fell from a maximum of 107.95 dollars per barrel in 2014 to a minimum of 26.19 dollars in 2015. The rise of fracking in the United States, the return of Iran to the crude oil market and the fall in demand due to the slowdown in the Chinese economy caused this drop in international oil prices.
Will the dollar fall more in price in 2023?
At the end of the first half of 2023, the peso appreciated more than 12.2% against the dollar, in one of its strongest periods in recent years. And the trend could be strengthened if factors such as nearshoring underpin the arrival of Foreign Direct Investment to Mexico.
In addition, according to Monex, consumption data and consumer confidence in Mexico are proving resilient.
“The Mexican currency was favored by the stability of the dollar observed in recent days, which injected strength into the Mexican currency; in addition to the fact that the local demand indicators published this morning by Inegi show that it remains resilient , with private consumption and consumer confidence presenting monthly growth,” said Monex.
For her part, Gabriela Siller, director of economic analysis at Banco Base, said that if the same pattern observed since July of last year continues, the exchange rate could reach 16.74 pesos per dollar this year.