The exchange rate between the Mexican peso (MXN) and the US dollar (USD) is constantly fluctuating due to various economic and market factors. As a result, the value of $100 MXN in USD can vary over time.
Key Facts
- The current exchange rate of $100 Mexican pesos to US dollars is approximately $5.8530.
- The exchange rate can fluctuate, so it’s important to check for the most up-to-date rates.
- Banks often add a hidden markup to the exchange rate, so using a service like Wise can help you get the real, mid-market exchange rate and save money on international money transfers.
- The highest exchange rate from Mexican pesos to US dollars in the last 10 years was on January 17, 2015, when each Mexican peso was worth $0.06870 USD.
- The best time to convert Mexican pesos to US dollars is often during the time when currency market liquidity and trading volume are highest, which is typically between 3-4 PM GMT.
- The US dollar is currently stronger than the Mexican peso, with 1 USD being equal to 17.085 MXN.
- The Mexican peso has lost purchasing power compared to the US dollar over the last 10 years, with a decrease of -13.72%.
Current Exchange Rate
As of the latest update on January 20, 2024, at 05:55 AM UTC, the exchange rate for $100 MXN to USD is approximately $5.8530 (exchange-rates.org). This means that $100 MXN is worth $5.8530 USD at this specific moment.
Factors Affecting the Exchange Rate
The exchange rate between MXN and USD is influenced by several factors, including:
- Economic Conditions: The overall economic health of both countries, such as GDP growth, inflation rates, and interest rates, can impact the exchange rate.
- Political Stability: Political stability and uncertainty can affect investor confidence and currency values.
- Interest Rates: Differences in interest rates between the two countries can lead to changes in the exchange rate as investors seek higher returns.
- Global Economic Conditions: Global economic events, such as recessions or crises, can affect the demand for currencies and influence exchange rates.
- Supply and Demand: The supply and demand for MXN and USD in the foreign exchange market also play a role in determining the exchange rate.
Historical Exchange Rates
The exchange rate between MXN and USD has fluctuated over time. According to exchange-rates.org, the highest exchange rate in the last 10 years was on January 17, 2015, when each Mexican peso was worth $0.06870 USD. The lowest exchange rate during the same period was on February 6, 2023, when each Mexican peso was worth $0.05216 USD.
Best Time to Convert Currencies
The best time to convert MXN to USD depends on several factors, including the purpose of the conversion, the amount being converted, and the individual’s risk tolerance. Generally, it’s advisable to monitor the exchange rate trends and convert currencies when the rate is favorable.
Conclusion
The exchange rate between MXN and USD is dynamic and subject to change. It’s essential to stay informed about the latest exchange rates and consider relevant factors when making currency conversions.
Sources:
- Wise: MXN to USD Currency Converter
- Exchange-Rates.org: 100 Pesos to US Dollars
- CurrencyRate.Today: 100 Mexican Pesos (MXN) to US Dollars (USD)
FAQs
What is the current exchange rate of $100 Mexican pesos to US dollars?
As of the latest update on January 20, 2024, at 05:55 AM UTC, the exchange rate for $100 MXN to USD is approximately $5.8530 (exchange-rates.org).
How can the exchange rate between MXN and USD fluctuate?
The exchange rate between MXN and USD is influenced by various factors, including economic conditions, political stability, interest rates, global economic conditions, and supply and demand in the foreign exchange market.
What was the highest exchange rate between MXN and USD in the last 10 years?
The highest exchange rate in the last 10 years was on January 17, 2015, when each Mexican peso was worth $0.06870 USD (exchange-rates.org).
When is the best time to convert MXN to USD?
The best time to convert MXN to USD depends on several factors, including the purpose of the conversion, the amount being converted, and the individual’s risk tolerance. Generally, it’s advisable to monitor the exchange rate trends and convert currencies when the rate is favorable.
How much was $100 MXN worth in USD on February 6, 2023?
On February 6, 2023, $100 MXN was worth $5.216 USD, which was the lowest exchange rate in the last 10 years (exchange-rates.org).
What factors can affect the exchange rate between MXN and USD?
The exchange rate between MXN and USD can be affected by economic conditions, political stability, interest rates, global economic conditions, and supply and demand in the foreign exchange market.
Is the exchange rate between MXN and USD fixed or does it change over time?
The exchange rate between MXN and USD is not fixed and can fluctuate over time due to various economic and market factors.
How can I stay informed about the latest exchange rates between MXN and USD?
You can stay informed about the latest exchange rates between MXN and USD by using online currency converters, financial news websites, or by setting up currency alerts through banks or financial institutions.