The peso appreciated on Friday morning, a day after the Bank of Mexico raised its key interest rate as investors expected and signaled that it will consider acting more forcefully to achieve the inflation target.
The Mexican currency was trading at 20.1950 per dollar, with an advance of 0.23%in its third consecutive day of gains, also encouraged by a strengthening of international crude oil prices.
“Yesterday’s monetary policy statement presented a more “hawkish” bias than expected, which fuels the expectation that the reference interest rate will continue to rise in the coming months, making the “carry trade” of our currency more attractive” said Janneth Quiroz, deputy director of analysis at Monex.
Over the course of the week, the weight accumulated a decline of 0.30 percent.