Monday, May 15, the Mexican peso rose to its strongest level in just over seven years, touching 17.42 to the U.S. dollar at one point during the session.
The last time the peso was this strong was on May 3, 2016. Since the end of 2022, the peso has appreciated 11 percent against the U.S. dollar, and has been one of the best performing currencies in the world. Analysts say factors contributing to a strong peso are the sustained interest rate hikes, a weak dollar and the surge in remittances and exports.