The exchange rate of the US dollar against the Mexican peso on Tuesday, March 4, 2025, reflects significant fluctuations due to new tariffs recently imposed by the United States. At Banamex, the dollar is quoted at 20.18 pesos for buying and 21.33 pesos for selling, making this the price backdrop for many financial transactions today.
If individuals are considering converting 1,000 Mexican pesos, they would receive approximately 47.17 dollars at Banamex. Meanwhile, the average exchange rate across all banks is approximately 20.52 pesos for buying, indicating slight appreciation of 0.16% compared to the previous day.
According to the portal eldolar.info, the dollar is currently placed at 20.12 pesos for purchasing and 20.93 pesos for selling among various banks. Notably, the average exchange rate on the streets of Benito Juárez, Mexico City, sits at around 20.74 pesos, allowing for around 48.22 dollars for those exchanging 1,000 pesos.
Today, the peso is observed to have depreciated by 1.2% from earlier days due to the recent imposition of tariffs. It briefly peaked above 21 pesos during the discussion where President Claudia Sheinbaum outlined Mexico's anticipated response to the US tariffs.
Among several banks, today's quotes for buying and selling the dollar feature:
- BBVA México: 19.83 pesos for buying and 20.99 pesos for selling.
- Citibanamex: 20.24 pesos for buying and 21.39 pesos for selling.
- Banco Azteca: 19.50 pesos for buying and 20.99 pesos for selling.
- Banorte: 19.40 pesos for buying and 20.95 pesos for selling.
- Banca Afirme: 19.60 pesos for buying and 21.30 pesos for selling.
- Scotiabank: 18.00 pesos for buying and 21.50 pesos for selling.
- Monex: 19.59 pesos for buying and 21.66 pesos for selling.
Leading financial analysts are paying close attention to developments stemming from the response to the 25% tariffs imposed by the US. President Claudia Sheinbaum is scheduled to announce plan details next Sunday, March 9, 2025.
Despite the dollar's strength today, it is worth noting the fluctuations driven by the new tariff regime have caused various banks to reassess their exchange strategies. On March 3, 2025, the peso closed at 20.67, indicating it may have endured some strains leading up to today.
Historical trends indicate these kinds of pressures can lead to volatile trading periods. Today, reports highlight the dollar to peso exchange rate peaked at around 20.93 this morning, with volatility stemming from the market's adjustment to the new economic environment.
The broader market sentiment reveals uncertainty as Mexico navigates its economic relationship with the United States under the newly imposed tariffs. With Canada and China having already taken retaliatory measures, the fallout from these tariffs will be under scrutiny from both experts and market participants.
Moving forward, as the Mexican government continues to strategize its response, it is likely financial institutions will remain on high alert to adjust quotes as needed. The situation is dynamic, urging potential investors to keep close tabs on the peso's performance against the dollar.
With the March 9 announcement looming, there’s significant interest across sectors to see how these planned measures might stabilize or disrupt the dollar to peso exchange rate. How the Mexican economy adapts will be pivotal for currency valuation for weeks and months to follow.