The Mexican peso started the financial session on this Wednesday with a depreciation against the dollar of 0.63%, equivalent to 12.7 cents, bringing the exchange rate to 20.38 pesos per greenback. This situation arose due to a new wave of financial pressures following the announcement of tariffs on cars, semiconductors, and pharmaceuticals. During international and interbank operations, the exchange rate fluctuated between a minimum of 20.20 pesos and a maximum of 20.38 pesos per dollar.
In financial institutions and exchange houses in Mexico, the free dollar, available to the general public, had a maximum quote of 21.45 pesos, showing a minimal increase of four cents compared to the close of the previous day. The minimum cost remained at 20.28 pesos per greenback, with no significant variations compared to previous operations.
According to the director of Economic Analysis at Grupo Financiero BASE, the depreciation of the Mexican peso responds to three main factors. Firstly, an increase correction is highlighted after the exchange rate approached the level of 20.20 pesos per dollar, which has proven to be a key support in past operations. At this level, there is an observed increase in the advance purchase of dollars and in hedging, which pushes the exchange rate up again.
Secondly, the risk persists that the United States will impose a 25% tariff on all imports from Mexico starting March 4, as well as the introduction on March 12 of additional tariffs of the same percentage on imports of steel and aluminum. Lastly, President Donald Trump has reiterated the possibility of announcing extra tariffs on imports of cars, semiconductors, and pharmaceuticals on April 2, with the intention of encouraging companies to establish themselves in his country.
Subsequently, Trump accused Mexico of allowing the entry of millions of migrants into the United States and stated that the country is mostly controlled by cartels.
