Mexican peso drops 0.11% to 17.1706 per dollar

The Mexican peso lost ground against the US dollar on 17 September after the Federal Reserve decided to raise interest rates at its monthly meeting. According to data reported by Banco de México (Banxico), the exchange rate closed at 17.1706 Mexican pesos per dollar. This move represented a depreciation of 0.11% or 1.89 centavos compared with its previous official close.

In commercial bank branches, the US dollar was sold at 17.62 Mexican pesos according to figures from Banamex. Felipe Mendoza, market analyst at EBC Financial Group, noted that technical analysis points to a consolidation range between 17.10 and 17.28 Mexican pesos per dollar. Mendoza expects the USD/MXN pair to be guided by local aggregate demand and private spending data in Mexico, as well as corporate liquidity after weekend position adjustments.

In the fixed-income market, the US 10-year Treasury yield stood at 4.95%, while the Mexican 10-year bond yield remained at 9.52%. Concurrently, the US Dollar Index (DXY) fell 0.02% to 100.23 points, and the Bloomberg Dollar Spot Index lost 0.08% to 1,202.669 points.

Other emerging and global currencies registered gains against the US dollar. The Colombian peso led advances with a 1.15% rise, followed by the Russian ruble at 0.63%, the South Korean won at 0.36%, the Malaysian ringgit at 0.31%, the Indonesian rupiah at 0.30%, the Thai baht at 0.25%, the Chilean peso at 0.19%, and the Turkish lira at 0.05%.