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Exchange rates last updated Monday, 11 December 2017 11:14:19 AM EST. The online exchange rates provided by this Currency Converter are intended as a guide only and should not be used for transactional purposes. All rates are subject to change from time to time without notice. Exchange rates used in-store may differ from those offered online. The Travelex online sell rate will be used for conversions from US Dollars to a foreign currency.
The latest on USD to MXN exchange rates
The lowdown on the Mexican peso
Mexican pesos take their name from the Spanish word peso, literally meaning ‘weight’. Both Mexican pesos and the American dollar originate from the 15th-19th century Spanish dollars that was once the currency of the New World, and the coins were known as pesos oro (gold weights) and pesos plata (silver weights) – makes sense, right?
When Mexico officially decimalized in 1897, the new currency carried on the peso name. Although the Spanish dollar no longer exists, and Mexico and the US have both developed their own currencies, both continue to use the original peso sign: the iconic ‘$’, which is recognized the world over.
The Mexican peso is the eighth most traded currency in the world and the most traded currency in all of Latin America. Just like Australia, Mexico’s notes are made of plastic for heightened security against counterfeiting – as well as against rips and tears!
A look back at US dollar to Mexican peso rates
Throughout the 20th century, the Mexican peso was one of the most stable currencies in Latin America thanks to its strong economy that didn’t experience the hyperinflation of other countries in the region. However, the oil crisis of the late ‘70s saw an end to all that when Mexico defaulted on its external debt in 1982. This meant several years of inflation and devaluation, leading to the ‘Stability and Economic Growth Pact’ in 1993 and the new currency, the Nuevo peso. One new peso was equal to 1000 of the old Mexican pesos, with the ‘nuevo’ part eventually dropped in 1996.
Life since the Nuevo peso
The Mexican economy has remained stable ever since the late ‘90s, hovering around 10 Mexican pesos to one US dollar from 2005 to 2008. In late 2008 the peso shot up, hitting 15.43 by March of 2009 but again stabilizing around MX$12 until 2014 when it began to rise again. Since mid-2014, the Mexican peso has been on the rise against the US dollar, taking it to a ten year high by July 2015.