Peso Plunges

The value of Mexico’s peso dropped to 14.1-per-dollar in the last week of January 09. I got just over 10 pesos per dollar in November ’08.

5 Responses to “Peso Plunges”

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  1. Carl says:

    The value of the Mexican peso continues to fall in the first week of Februrary, 2009. If you’re buying pesos today (3 Feb) you’ll get about 14 pesos for every U.S. dollar. If you are buying dollars, however, you’ll pay about 14.6 pesos per greenback.

  2. rfin says:

    How can I buy pesos in the US?
    The banks in Navajoa and Alamos are scared to exchange dollars now because of the drop. Meanwhile, buying pesos in the US would be the best exchange, I think, and if it’s possible.
    International finance over beer money. Ain’t life grand.

  3. I recently bought pesos here at my localbank near Philly. This eemed better than using a broker and having them delivered to my home. It took 24 hrs and was a good rate. With rates doen,I think i will buy more tomorrow. One thing I like about going down to Copper Canyon is that we can put some of those back in.
    Question: will iy be hatrd to buy pesos there in a few weeks?

  4. dhensleigh says:

    No problem buying pesos there last week. During the week the rate got above 15!!!

    I have told our hotel and guide friends there that we will continue to pay at old rates.

  5. -El Codo- says:

    If you wonder about the downs and ups of the peso, the “Alan Greenspan” of the Mexican treasury, Guillermo Ortiz, created a plan in which Mexico no longer tries to buy pesos with dollar reserves to prop up the currency during a “crisis”. Instead BANIX, Banco de Mexico waits until the storm blows over then buys pesos in three hundred million dollar increments. This is why a historical chart of the peso exchange rate can resemble a topographical map of the Alps. After the squall the peso quietly revalues, but not necessarily right back to the “pre financial squall” rate of exchange. The sawtooth profile of the exchange rate would disorient a whirling dervish.