Dollar Today: Mexican peso registers its worst collapse since the pandemic

He Mexican peso continues to fall after the presidential electionsregistering its worst session since the pandemic at half-time. Today, June 3, 2024, The dollar is quoted at 17.58 pesos

The Mexican currency has depreciated 3.46 percent compared to Friday’s reference price, marking its largest daily loss since June 2020, when the effects of Covid-19 affected investors.

The uncertainty has also impacted the Mexican Stock Exchange (BMV), which has fallen 5.06 percent to 52,385.96 points, its worst decline since March 2020. This fall is due to the collapse of the shares of some of the main financial groups, amid rumors of possible tax changes by the new government.

The shares of the Regional bank (Banregio), Banco del Bajío and Grupo Financiero Banorte have fallen more than 11%.

Claudia Sheinbaum, virtual winner, won in the 2024 elections with between 58.3 percent and 60.7 percent of the votes, according to the INE quick count, and who could become the first female president of Mexico. Although his victory was anticipated by the markets, the strong support that his party, Morena, appears to receive in Congress has surprised many investors.

Where to buy or sell the dollar?

It is recommended to attend places that are regulated by the authorities to avoid fraud. Additionally, you should take into account that the exchange rate varies according to each bank or exchange house, as well as see the commission they charge.

• Banks: If you are a customer you can buy up to four thousand dollars.
• Exchange houses: The purchase limit is 1,500 dollars.
• Online platforms.
• ETFs (Exchange-Traded Funds or Exchange-Traded Funds).

Price of dollar today June 3, 2024

The price of the dollar today, June 3, 2024, in Mexican banks* is at:

• BBVA Mexico – 16.87 pesos for purchase and 18.00 pesos for sale
• Citibanamex – 17.19 pesos for purchase and 18.17 pesos for sale
• Banco Azteca – 16.20 pesos for purchase and 17.96 pesos for sale
• Banorte – 16.55 pesos for purchase and 17.95 pesos for sale
• Banca Afirme – 16.70 pesos for purchase and 18.20 pesos for sale
• Scotiabank – 15.00 pesos for purchase and 18.40 pesos for sale
• Inbursa – 17.00 pesos for purchase and 18.00 pesos for sale

*Exchange rate at 2:12 p.m.