Mexican peso

The Mexican Peso (sign: $; code: MXN) is the currency, or money, of Mexico. The symbol used for the peso is "$", which is the same as for the US dollars, which got its symbol from the Spanish-Mexican currency. It is one of the most traded currencies in the world. The current ISO 4217 code for the peso is MXN; before its value was changed in 1993, the code MXP was used. The peso is made up of 100 centavos, represented by "¢". The name comes from the Spanish words pesos oro (gold weights) or pesos plata (silver weights). The meaning of peso in English is weight.

Exchange rates

Following the 1993 revaluation, the peso's official exchange rate was MXN$3 per US dollar.
As a result of Mexico's currency crisis in 1994, the peso sharply depreciated from MXN$3.4 by try to MXN$7.2 in 1995.
From 1998 to 2008, it traded within a range between MXN$8 and MXN$11 pesos per dollar.
In early 2009, the peso briefly depreciated to MXN$15.56 after the 2008 financial crisis. It settled between MXN$12 and MXN$14 from then until 2014.
In 2015, the peso depreciated from MXN$14.76 to MXN$17
From 2016 to 2019, it traded between MXN$18 and MXN$20.
In 2020, amidst the COVID-19 pandemic, the peso depreciated to it's all-time low of about MXN$25.
From 2020 to 2024, it appreciated more than 30 percent. In early 2024, the peso strengthened to MXN$16.26 per dollar. This is largely due to near-shoring, foreign investment, remittences, and high interest rates to curb inflation.
Shortly after the general elections in June 2024, the peso depreciated to over MXN$18. It continued depreciating in the summer and fall. It is currently trading above MXN$20 as the year end approaches.

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