As of June 17, 2024, the exchange rate for the Mexican peso (MXN) to the US dollar (USD) is 18.54 MXN per USD. This represents an 8.27% increase from the same time last year, indicating that the Mexican peso has depreciated against the US dollar over the past year (YCharts) (EFA Forecast).
Implications for Mexico
- Inflation: A weaker peso can lead to higher inflation in Mexico. Imported goods and services become more expensive, which can drive up the overall cost of living. This is particularly relevant for essential items that Mexico imports, such as food and energy.
- Exports and Tourism: On the positive side, a weaker peso can make Mexican goods and services cheaper for foreign buyers, potentially boosting exports. It also makes Mexico a more attractive destination for tourists, as their money goes further when exchanged for pesos. This can positively impact the tourism industry and related sectors.
- Foreign Debt: For Mexico’s government and businesses that have debt denominated in foreign currencies, a weaker peso means that servicing and repaying this debt becomes more expensive in peso terms. This can strain financial resources and affect fiscal stability.
- Economic Growth: The overall impact on economic growth can be mixed. While exports and tourism may get a boost, the increased cost of imports and potential inflationary pressures can dampen consumer spending and investment.
Future Outlook
The exchange rate forecast suggests that the peso might continue to experience fluctuations. Predictions for June 2025 estimate the exchange rate to be around 20.04 MXN per USD, with potential for further fluctuations throughout the year(EFA Forecast).
Overall, while the depreciation of the peso presents certain economic challenges, it also offers opportunities for boosting export competitiveness and tourism revenues, which can be beneficial for Mexico’s economy in the longer term.
YCharts Data Entry (June 2024)
| Date | USD to MXN Exchange Rate |
|---|---|
| June 17 | 18.54 |
| June 14 | 18.57 |
| June 13 | 18.70 |
| June 12 | 18.83 |
| June 11 | 18.36 |
| June 10 | 18.36 |
| June 07 | 17.89 |
| June 06 | 17.60 |
| June 05 | 17.65 |
| June 04 | 17.98 |
| June 03 | 17.54 |
| May 31 | 16.99 |
| May 30 | 17.02 |
| May 29 | 16.82 |
| May 28 | 16.64 |
| May 27 | 16.68 |
| May 24 | 16.68 |
| May 23 | 16.63 |
| May 22 | 16.66 |
| May 21 | 16.55 |
| May 20 | 16.60 |
| May 17 | 16.68 |
| May 16 | 16.73 |
| May 15 | 16.87 |
| May 14 | 16.80 |
| May 13 | 16.74 |
| May 10 | 16.77 |
| May 09 | 16.94 |
| May 08 | 16.94 |
| May 07 | 16.87 |
| May 06 | 16.92 |
| May 03 | 16.95 |
| May 02 | 16.94 |
| April 30 | 16.97 |
| April 29 | 17.09 |
| April 26 | 17.24 |
| April 25 | 17.04 |
| April 24 | 16.92 |
| April 23 | 17.12 |
| April 22 | 17.12 |
| April 19 | 17.35 |
| April 18 | 16.94 |
| April 17 | 16.99 |
| April 16 | 16.84 |
| April 15 | 16.57 |
| April 12 | 16.52 |
| April 11 | 16.45 |
| April 10 | 16.33 |
| April 09 | 16.31 |
| April 08 | 16.45 |
This table is to illustrate the changes in the USD to MXN exchange rate over time, highlighting the fluctuations and trends in the peso’s value.
