Dollar Opens at 18.75 Pesos After Fed Holds Rates, Bank of Mexico Sets FIX at 18.6673
Bank quotes for buying and selling dollars differ by as much as 1.95 pesos per unit, and transfer services quote rates ranging from 18.23 to 19.05 pesos.
By Pavel Henderson ·
The U.S. dollar began October 29 at 18.75 Mexican pesos.
The opening rate marked a 0.62 percent rise from the prior close of 18.64 pesos, according to data from Dow Jones. Over the previous seven days the dollar gained 0.22 percent, and its 12-month change stood at 2.18 percent. Foreign exchange market volatility was measured at 6.73 percent, below an 8.05 percent reference level. The move followed the Federal Reserve's decision to leave its benchmark interest rate unchanged. That decision supported the peso during the prior session, when the currency appreciated 0.24 percent and traded near 18.6238 per dollar at the close. Bank of Mexico reported Wednesday's closing exchange rate at 18.6261 pesos per dollar, calculated from the average of interbank transactions, while the interbank market finished October 28 near 18.64 pesos. Specialists cited in the source cautioned that the peso could remain subject to movements tied to external factors, and Thursday's trading showed that the peso's Wednesday recovery did not carry into the next session. For October 29, the FIX rate set by Bank of Mexico and published in the Diario Oficial de la Federacion stands at 18.6673 pesos per dollar, a reference used for certain financial operations and obligations that does not necessarily match the price banks offer customers. The rate applied to obligations denominated in dollars was set at 18.6525 pesos per dollar.
Bank quotes varied across institutions. The average buying price was 18.3808 pesos per dollar and the average selling price was 18.8019. Banorte quoted the lowest buying price at 17.35, while Scotiabank quoted the highest at 18.10. On the selling side, BBVA Mexico posted 18.92 and Scotiabank posted 19.30. Banamex quoted 18.02 to buy and 19.11 to sell, Afirme quoted 17.60 and 19.20, and Banco Azteca quoted 17.60 and 19.04.
Transfer services posted their own rates for the same day. Western Union quoted 18.23 pesos per dollar, MoneyGram quoted 19.05, and Wise quoted 18.58.
The exchange rate and commission charged by each service determine the pesos a family ultimately receives, so the amount delivered depends on both figures together.
Source: La Opinión
