The Mexican peso closes at 20.62 per dollar in the fourth week of gain

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Mexico City, Dec 24 (EFE) .- The Mexican peso closed this Friday with a weekly appreciation of 0.82%, trading at 20.62 per dollar, thus spinning four weeks of profit.

The data implies a weekly appreciation of 17 Mexican cents compared to the exchange rate of 20.79 units per greenback on the previous Friday reported by the Bank of Mexico.

The exchange rate reached a maximum of 20.95 pesos per dollar and a minimum of 20.58, Gabriela Siller, director of economic analysis at Banco Base, explained to Efe.

“This was the fourth weekly appreciation of the peso, accumulating an appreciation of 5.88%. With the above, the peso was the eleventh most appreciated currency in the wide basket of main crosses,” said the analyst.

The appreciation of the peso and most currencies occurred due to the appetite for risk that prevailed in global financial markets, Siller said.

The analyst stated that positive economic indicators were published for the United States, which “sends the signal that the inertia of economic activity is positive and sufficient to avoid a significant impact by the fourth wave of the pandemic.”

He also pointed to the impact of the U.S. Food and Drug Administration (FDA) licensing Pfizer and Merck drugs against COVID-19.

“During the week, the dollar weighted index showed a 0.68% decline, being the largest weekly decline for the dollar index since the week ended September 3,” Siller said.

The Mexican peso, which was around 18.5 units per dollar before the pandemic, suffered its worst moment in March last year when it exceeded 25 units.

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