© Reuters
Investing.com – Mexico’s local currency has had a positive performance in 2023: it’s up 11% against the US dollar, making it the third-strongest emerging-market currency with analysts, traders, and banks referring to it as the “super peso.”
Several catalysts have helped keep it strong: the rate differential between Mexico and the US, historic inflows of remittances, Mexico’s approaching momentum and strong international reserves – to name a few.
On Wednesday, Mexican President Andres Manuel Lopez Obrador used Investing.com data to highlight the appreciation of the Mexican peso against the dollar during his regular morning press conference.
At the beginning of Wednesday’s session, the price of the dollar in Mexico reached 17.31 pesos, the highest level not seen since May 2016.
“This is something unique in 50 years. It’s the most appreciated currency in the world,” Obrador said.
According to the president, the appreciation of the peso against the dollar was supported by economic growth, the arrival of foreign investment and the country’s stability.
“A lot of investment is flowing in; we welcome foreign investors. They know that there is security for investment in Mexico, and that Mexico is a country with economic stability and political stability,” he said.
This article originally appeared on Mexican location.
