Dollar hits 18.75 pesos after Fed hold

The U.S. dollar opened at an average of 18.75 Mexican pesos on Thursday, October 29. Dow Jones data shows this represents a 0.62% increase from the previous close of 18.64 pesos. The currency gained ground at the start of the trading session.

This move follows a decision by the U.S. Federal Reserve to keep interest rates unchanged. That decision helped the peso recover 0.24% on Wednesday, when it traded near 18.6238 pesos per dollar. However, the Thursday opening price indicates that the peso's previous day gains did not persist into the new trading day.

Over the last seven days, the dollar has accumulated a 0.22% gain. Its year-over-year variation stands at a 2.18% increase. Market volatility currently sits at 6.73%, which is lower than the 8.05% reference level. This suggests fluctuations are relatively moderate compared to usual market levels.

The Bank of Mexico, known as Banxico, set the official FIX exchange rate for Thursday at 18.6673 pesos per dollar. This figure was published in the Official Gazette of the Federation. It serves as a reference for specific financial operations and obligations, though it does not always match the prices banks offer customers.

For payments on obligations denominated in U.S. dollars, the applicable exchange rate was fixed at 18.6525 pesos per dollar. Banxico reported that the average bank transaction rate at the close of business on Wednesday was 18.6261 pesos per dollar.

Bank quotes for Thursday show a spread between buying and selling prices. The average rate to buy a dollar is 18.3808 pesos, while the average sale price is 18.8019 pesos. BBVA Mexico offers the lowest selling price at 18.92 pesos. Scotiabank offers the highest buying price at 18.10 pesos.

International money transfer services also vary in their rates for workers sending funds from the United States. Western Union reports a rate of 18.23 pesos per dollar. MoneyGram lists a rate of 19.05 pesos per dollar. Wise reports a rate of 18.58 pesos per dollar. These figures do not include service fees, which reduce the final amount received by the recipient.