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The Mexican currency closed the day this week with an appreciation of 1.63 percent compared to the close of last Friday, reported Banco de México (Banxico).
The exchange rate closed prices at a level of 18.66 pesos, it is the second best level registered so far in 2023.
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The currency ran two days of recovery against the dollar after Banxico’s announcement to raise, surprisingly, the interest rate by 50 base points to place it at a historical value of 11 percent.
During the day, the currency reached a maximum level of 18.72 pesos, while the lowest level was 18.64 pesos per US dollar.
Last Thursday, Banxico’s Governing Board unanimously raised the reference rate by 50 base points to place it at an all-time high of 11 percent, which surprised the market that expected an increase of 25 base points.
“Given the underlying inflation dynamics, it was necessary to repeat the magnitude of the increase in the reference rate from the previous meeting (50bp), in order to be in a better position to face a still complex inflationary environment,” reported Banxico .
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In an analysis by Cibanco, the fact that in December 2022 the Monthly Indicator of Industrial Activity (IMAI) increased 0.7 percent at a monthly rate and an annual rate grew 3.1 percent, also had an impact on the fact that the peso was would strengthen.
