Below are the best exchange rates for dollar to peso offered on FXcompared, from our selected money transfer companies, to help you can make the best decision for your money transfer USD to MXN Exchange Rates.
The US dollar (USD) is the dominant currency in foreign exchange transactions worldwide, as well as the leading international reserve currency. Outside of the US, eight countries use the USD as their official currency; another 15 countries, including several in the Gulf, maintain a direct peg between their currencies and the USD. The Mexican peso (MXN) was also pegged to the dollar until 1976, when it was shifted to a managed floating exchange rate. Today, the peso’s floating exchange rate is maintained by the Mexican government, with intervention by the Bank of Mexico, as necessary.
Throughout the history of dollar – peso currency transactions, the USD has been the stronger of the two. Since 2000, the dollar-to-peso (USD to MXN) conversion rate remained in the dollar’s favor, trading within a range of $9.0513 to $14.9175. During this span, the average exchange rate between the currencies was USD to MXN $11.5406. (Note: the peso also uses the currency symbol $).
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.
Starting in 2010 and moving into 2011, the US economy began to improve, though growth was still slow. The dollar began gaining against many of the world’s major currencies and once again began to gain against the peso. Although the exchange rate fluctuated between the USD:MXN range of $12 - $13 throughout 2013 and into 2014, the currencies finished the year with the dollar at a stronger exchange rate of $14.5131 against the peso.
In December 2014, the peso dropped to a two-year low against the USD after the Mexican central bank lowered its outlook for national economic growth, citing the drop in crude oil prices, which led to lower-than-expected export revenue. Concerns of weaker global momentum have dampened the outlook for the Mexican economy entering 2015.
The US economy continued to show signs of improving, albeit slowly. In 2014, growth was modest, but positive, and consumer confidence and consumption rose slightly as the employment rate ticked up. Early in 2015, reports predicting that the strong US recovery will at least continue through 2017.
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