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On the final Monday of 2024, the Mexican peso ended the session with a loss against the U.S. dollar due to lower market activity amid year-end holidays, while investors remained focused on expectations for 2025 monetary policy.

The exchange rate closed at 20.6579 pesos per dollar, marking a depreciation of 1.67% compared to last Friday, according to data from the Bank of Mexico (Banxico). This movement represents a decline of 33.87 cents for the local currency.

USD/MXN

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As a result, the USD/MXN reached its highest level since November 26, when it stood at 20.6894 pesos per dollar.

The dollar traded within a range, with a maximum of 20.6600 pesos and a minimum of 20.4230 pesos. The U.S. Dollar Index (DXY), which measures the greenback against a basket of six major currencies, rose 0.1% to 108.07 points.

The Mexican Peso and Emerging Market Currencies

The peso continues to weaken against the dollar, influenced by Banxico’s monetary policy stance and its contrast with the U.S. Federal Reserve’s more restrictive expectations. The exchange rate remains in a narrow range due to low trading volumes during the year’s final days, with 61% of emerging market currencies losing ground against the dollar.

At the close of the session, the Mexican peso was the second most depreciated currency among emerging markets, following the Russian ruble, which lost 4.78%. Other notable depreciations include the Turkish lira (-0.72%), South African rand (-0.62%), Colombian peso (-0.60%), and Chilean peso (-0.26%).

Ignacio Teson

Economist and Financial Analyst

Ignacio Teson is an Economist and Financial Analyst. He has more than 7 years of experience in emerging markets. He worked as an analyst and market operator at brokerage firms in Argentina and Spain.