From 2000 to mid-2002, the dollar and peso traded in a fairly narrow range of USD:MXN $9.0513 to $9.8149. By the end of the year, however, even as the US economy was struggling with a recession brought on by the crash in the technology sector and the first housing crisis of the century, the dollar had started to gain again on the peso, moving up to USD-MXN $10.2028.
Between 2002 and 2006, as the US economy struggled with slowing growth rates, lagging employment, and decreasing consumer confidence, the dollar’s exchange rate against the peso fluctuated; nonetheless, it largely continued its rise, moving above USD:MXN $11 throughout 2005 and into 2006. By the end of the year, the dollar finished slightly lower, with a conversion rate of $10.8581. In September 2008, even as the global recession began to hit the US economy and the dollar began to slide against major world currencies, it jumped against the peso. Between September-October 2008, the USD:MXN exchange rate went from $10.5942 to $12.5427. The sharp drop in the peso’s value against the dollar was its largest in over a decade, and was attributed to both fears of a global recession, and the subsequent decline in Mexican exports to the US, its largest trading partner.
The peso had regained some of its value by the end of 2009, but never quite recovered to the levels seen in the early 2000s. By year-end 2010, the conversion rate was at USD:MXN $12.3817.