Mexico’s peso continued its recent strength against the US dollar on Saturday, February 21, 2026, trading at 17.13 pesos per dollar, a rate consistent with the beginning of the week. This sustained appreciation reflects broader economic trends and geopolitical factors influencing currency valuations.
Drivers of the Peso’s Appreciation
The peso’s gains are largely attributed to uncertainty surrounding the US economic and political landscape. According to analysis from Monex, tensions between the US government and China, particularly the imposition of increased tariffs, are contributing to a weakening dollar. This dynamic is bolstering demand for currencies perceived as relatively stable, such as the Mexican peso.
Over the past week, the dollar has experienced a modest increase of 0.65% against the peso. However, year-to-date, the dollar has declined by a significant 6.84%, indicating a sustained trend of peso strength.
Recent appreciation of the peso has been 0.19% over the last few days. The dollar opened at 18.45 pesos on Wednesday, February 18, 2026, but closed near the current level. The Mexican peso has emerged as one of the strongest currencies among emerging markets, ranking fourth in gains against the dollar.
Official Exchange Rates – February 21, 2026
The official FIX exchange rate, as determined by the Bank of Mexico (Banxico) and published in the Diario Oficial de la Federación (DOF), stood at 17.1722 pesos per US dollar. This rate serves as a crucial benchmark for financial markets in Mexico.
| BANK | BUY (MXN) | SELL (MXN) |
|---|---|---|
| Afirme | 16.50 | 17.90 |
| Banco Azteca | 16.25 | 18.04 |
| Bank of America | 16.4474 | 18.3824 |
| Banorte | 16.25 | 17.80 |
| BBVA Bancomer | 16.65 | 17.79 |
| Grupo Financiero Multiva | 17.51 | 17.51 |
| Intercam | 16.8604 | 17.8709 |
| BX+ | 16.9455 | 17.9605 |
These values are subject to slight variations throughout the day due to internal adjustments and the operating hours of each institution. The ranges reflect minor differences due to banking policies and schedules.
Banxico FIX vs. Market Price
The Banxico FIX rate is a reference rate calculated based on a weighted average of wholesale market exchange rates. It’s used for settling obligations in foreign currency, banking operations, contracts, and liquidations. The FIX rate remains fixed until the next business day, providing stability.
In contrast, the market price – also known as the spot rate or bank rate – fluctuates constantly throughout the day based on supply and demand, economic expectations, monetary policy, news events, and international factors. This rate typically includes commissions and profit margins for banks and exchange houses, making it slightly higher than the FIX rate.
when checking a bank’s exchange rate, a difference of a few cents (or more) compared to the FIX rate is common. The FIX rate provides order and transparency to the Mexican market, but does not dictate the final price of each individual transaction.
US Inflation and the Peso
US inflation significantly impacts the peso’s exchange rate. Lower-than-expected US inflation, as seen on February 3, 2026, fuels expectations that the Federal Reserve may pause or reduce interest rate hikes. This weakens the dollar and generally strengthens the peso. The recent decline in US inflation is driving the peso’s strength, reducing global demand for dollars and adding pressure on US authorities to avoid tightening monetary policy, leading to a downward trend in the dollar/peso exchange rate.
Currency Conversion
The exchange rate as of is 17.133 Mexican pesos per 1 US dollar.
