Since 2002. Soooo...the country to the south that we like to disparage so much has an economy that is on the come up, while ours sinks further into the toilet. Thanks Bush, your presidency has been a pinnacle of success. Bush has now succeeded in making the Peso more valuable. Congrats!The Mexican currency’s hot streak is about to take the official exchange rate through the 10-to-the-dollar threshold for the first time since 2002. American tourists, you’ve been warned.
Buttressed by rising interest rates and a surprisingly strong economy, the peso has been surging against the dollar in the last few weeks, continuing a run-up that began early in the year.
The official market rate -- meaning for large transactions at banks -- had the peso at 10.005 to the dollar this morning, down from 10.07 on Tuesday, according to Bloomberg data. Last August the dollar still was worth more than 11 pesos.
The last time the dollar bought fewer than 10 pesos was in October 2002.
For U.S. tourists the greenback already has crossed that line, because most bank exchange rates are much less favorable than the official rate. Wells Fargo & Co.’s online currency center today was quoting 9.2 pesos per dollar.
