The Mexican peso continued to trade near 18 to the dollar on Sunday, March 22, 2026, holding steady despite ongoing international economic pressures. The exchange rate settled at 17.90 pesos per U.S. Dollar, a level maintained throughout the week, according to reports from El Comercio.
The peso’s stability comes amid a backdrop of global uncertainty, primarily driven by the conflict between the United States and the Middle East. This conflict has significantly impacted oil prices, subsequently weakening the Mexican peso, as nearly 20% of global oil traffic passes through the Strait of Ormuz, prompting investors to seek refuge in the dollar, according to El Comercio.
The official FIX (Banxico/DOF) exchange rate stood at $17.8998 MXN per U.S. Dollar. Several Mexican banks offered varying rates as of Sunday, with Afirme posting a buying rate of 16.60 MXN and a selling rate of 18.10 MXN. Banco Azteca offered 16.15 MXN for purchases and 18.16 MXN for sales. Bank of America listed rates of 16.4474 MXN to buy and 18.3824 MXN to sell. Banorte’s rates were 16.45 MXN and 18.00 MXN, respectively, while BBVA Bancomer offered 16.80 MXN and 17.93 MXN. Grupo Financiero Multiva and Intercam both had rates of 17.80 MXN and 17.8709 MXN, respectively. BX+ posted rates of 16.9455 MXN and 17.9605 MXN.
The Banco de México’s (Banxico) FIX rate serves as a crucial benchmark for the Mexican financial market, providing an official value for the peso against the dollar. Calculated as a weighted average of wholesale market transactions, the FIX rate ensures transparency and stability for businesses and individuals engaged in foreign exchange. The rate is determined daily around noon and published in the Diario Oficial de la Federación (DOF) the following day.
There is a distinction between the Banxico FIX rate and the market price. The Banxico FIX is a reference rate calculated from wholesale market transactions, while the market price fluctuates constantly based on supply and demand, economic expectations, and global events. Banks and exchange houses add commissions and profit margins to their rates, resulting in a higher price for consumers than the FIX rate.
Recent economic data from the United States also plays a role. Lower-than-expected inflation in the U.S. Has led to expectations that the Federal Reserve may pause or delay interest rate hikes, weakening the dollar and bolstering the peso. Mexico’s Secretary of Finance, Edgar Amador Zamora, stated during the 89th Banking Convention in Cancun that the Mexican economy has demonstrated stability and resilience in the face of international volatility, and that conditions are favorable for increased financing, investment, and growth in 2026.
President Claudia Sheinbaum urged Mexican banks to increase lending, particularly to small and medium-sized enterprises, to further stimulate economic growth.
