The Mexican currency in the international markets The exchange rate ended Tuesday at around 19.76 pesos per dollar, which meant a depreciation of 1.9% or 37 cents compared to the previous day, according to information from Bloomberg.
As a result of the above, the Mexican peso was the most depreciated currency among the main crosses against the dollar. The upward pressures on the exchange rate are due to internal risks resulting from the reform of the judiciaryestimated Gabriela Sillerdirector of economic analysis at the Monex financial group.
Last Monday afternoon the opinion of the reform to the Judicial Power was approved in general and although it still needs to be approved by the plenary session of the Chamber of Deputiesputs at risk the business relationship with the United States and Canada.
Read also House of Representatives Commission approves reform of the Judiciary in general
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Yesterday, the president Lopez Obrador He commented that the relations between Mexico and the embassies of USA and Canada will be “on pause” and that “hopefully there will be a ratification on their part that they will be respectful of Mexico’s independence.”
In addition to the Mexican pesoThe currencies that depreciated the most during the session were: the Indonesian rupiah with 0.42%, the Taiwanese dollar with 0.38%, the Colombian peso with 0.33%, the Chilean peso with 0.29%, the Brazilian real with 0.25% and the South Korean won with 0.17%.
The retail dollar surpassed the ceiling of 20 pesos to reach 20.26 pesos for sale at the windows of the branches of Citibanamex1.81% or 36 cents above Monday’s close, a level not seen since December 19, 2022.
$MexDer Settlement prices $FUTURES S&P/BMV IPC SP24= 52,231 / -581 / -1.10% USD SP24= 19.7715 / +0.35 / +1.79%#TRMX
— Mexican Stock Exchange Group (@BMVMercados) August 27, 2024
Read also Judicial reform and elimination of autonomous bodies could lead to technical recession in Mexico: Bank of America
In Mexico, the Price and Quotation Index The BMV closed the session with a loss of 1.31%, falling in five of the last six sessions and being the deepest drop for a session since July 18.
Siller points out that the losses of the Mexican index are due to the increase in risk aversion due to the judicial reform. Internally, the losses of issuers such as Grupo México stood out, with a fall of 3.4%; Cemex, -2.9%; Banorte, -1.5%; Bimbo, -3.1%; Grupo Aeroportuario del Pacífico, -2.0%; and Vesta, -4.5%.
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