The peso mexicano traded around 17.7 per U.S. dollar on Sept. 24 as the Bank of Mexico left its benchmark interest rate unchanged at 6.50%.
Reuters reported that Banco de México “held its benchmark interest rate steady at 6.50%” at its September meeting, and market commentators noted the central bank also softened its forward guidance after the decision.
Currency-tracking notes published after the meeting showed the peso near 17.7 per dollar; Scotiabank’s Latam flash said the peso depreciated to “17.76 per U.S. dollar” after the decision, while Reuters market coverage placed trading in the same neighborhood.
Analysts said the move reflected narrower interest-rate differentials with the United States: Reuters quoted strategists pointing to a smaller carry advantage after recent U.S. rate moves, and Scotiabank flagged that the peso had weakened as the Fed narrowed Mexico’s rate advantage.
Banco de México’s official calendar and post-decision statements confirm the policy meetings and the 6.50% target for the overnight interbank rate, the central bank’s published materials show.
That level keeps the peso inside the trading range many forecasters expect for 2026: a Reuters poll published earlier this year gave a median estimate of about “17.78 per dollar” as a likely central point for the year ahead.
For readers watching markets, the immediate variables to follow are U.S. interest-rate guidance and next Mexican inflation prints, both of which analysts cited in post-decision coverage as the factors most likely to push the peso away from the mid-17s band.
Sources
- Reuters — reported that Banco de México “held its benchmark interest rate steady at 6.50%” and provided market reaction/context for the Sept. 24 meeting.
- Scotiabank — Latam flash noted the peso depreciated to “17.76 per U.S. dollar” and highlighted pressure from a narrowed rate advantage.
- Banco de México — official monetary policy calendar and post-decision material confirming the 6.50% target for the overnight rate.
- Reuters (poll) — a July Reuters poll cited a median estimate of “17.78 per dollar” as a forecast for where the peso might trade in 2026.
