Mexican Peso Swings Widen as COVID-19 Pandemic Hits Economy

The Mexican peso has experienced significant fluctuations in its value against the US dollar since the year 2000. According to data from the Bank of Mexico, the highest exchange rate this century was 25.12, reached on March 24, 2020, just after the World Health Organization declared the COVID-19 outbreak a pandemic.

In contrast, the lowest exchange rate was 8.94, achieved on May 21, 2001, before the September 11 attacks in the US. The peso has depreciated against the dollar at varying rates over the years, with significant drops occurring between 2015 and 2020 due to the COVID-19 pandemic.

The exchange rate has also been affected by global events such as the global financial crisis in 2008-2009 and the election of Donald Trump as US president in 2016. The peso's value against the dollar is currently around 17.24, a level it last reached in December 2015 and June 2023.