When starting operations the price of the dollar today Monday is up to 21.05 pesos in banks. Meanwhile, the exchange rate Interbank stands at 20.78 pesos per dollar, with a loss of 1.74 percent.
BBVA Mexico sells the dollar at 21.05, Banorte i Santander at 20.75 i Aztec Bank in 20.26 units.
the weight depreciated for the sixth day in a row and was operating at its worst level in more than three months amid concerns about the global economic recovery and the impact on local industry that would have caused the gas shortage in northern Mexico last week .
How is the exchange rate going?
Base Bank explained in a report that the peso starts the session with a significant depreciation touching a maximum of 20.81 pesos, the highest level of the exchange rate since November 6, 2020. The currency is positioned as the most depreciated currency, followed by the Turkish lira with 1.46 per cent and the South African rand with 1.29 per cent. Weight depreciation is mainly the result of three factors:
1. The US dollar remains relatively strong, with the weighted index advancing 0.07 percent this morning, ahead of expectations of higher inflation in United States as the economy recovers and the Joe Biden administration pushes a new $ 1.9 trillion fiscal stimulus package that is expected to be approved in the House of Representatives on Friday 26 to be sent to Senate, With the intention of approving it before March 14th.
2. The progress in the vaccination process relative to other economies. Currencies of countries such as the United Kingdom and Chile showing relatively high vaccination rates (27.8 and 15.1 per 100 inhabitants respectively), their currencies are among the most appreciated since 5 February.
3. Finally, continues to raise the perception of risk with respect to Mexico. Last Friday, the Energy Commission 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) to the electrical office. Tomorrow, February 23, the reform will be discussed and put to a vote in the lower house. If passed, it would finally go to the Senate to be published as law in April. One of the main concerns is around the T-MEC, for possible international sanctions and lawsuits for non-compliance.
It is estimated that Mexico only has natural gas inventories for 1.5 to 3 days, so electricity shortages are not ruled out in some regions of the country, as happened last week, while in the United States they are restoring power chains. natural gas supply.
On the other hand, the Ministry of Finance published a decree in the Official Gazette of the Federation with the details of the fiscal incentives to Pemex applicable for the fiscal year of 2021, which will allow to deduct about 73 billion pesos and in turn reduce the payment for Shared Utility Right from 58 to 54 percent.
Dollar in real time
(…)the euros is sold over the counter at a maximum of 25.73 pesos and is bought at 25.20 pesos. For its part, the pound sterling is offered at 28.05 pesos and is purchased at 29.00 pesos.
The Bank of Mexico (Banxico) Recorded the previous session an exchange rate of 20.41 pesos per dollar.
With information from Reuters
MRA
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