The peso since 1993: from 3.11 to 18.80 pesos per dollar
Banxico's FIX closed 1993 at 3.1071 pesos per dollar and stood at 18.7962 on 30 Oct 2026, about six times as many. Most of the change, by our arithmetic, came in a few sharp episodes: 1994-95, 2008, 2015-16 and 2020.
A dollar cost 18.7962 pesos at Banxico's FIX on 30 Oct 2026, up 4.4% from the end of 2025. Our sister site covers the year; here, it's set against the peso's long record since the new peso began in 1993.
A new peso, then a crisis
On 1 Jan 1993, Mexico's new peso replaced the old one at 1,000 to 1. At the end of that year, the FIX stood at 3.1071 pesos per dollar. On 19 Dec 1994 it was 3.4662; by 22 Dec it was 4.8875, 41% higher in three days, by our arithmetic, as the peso crisis broke. It ended 1995 at 7.7396, more than twice the mid-Dec 1994 level.
Long calm, short shocks
Most of the peso's later moves came in short episodes. Between the end of 1996 and the end of 2007, the FIX drifted from 7.8703 to 10.9157. In 2008, during the global financial crisis, it ended the year 26.7% higher, at 13.8325. From the end of 2014 to the end of 2016, it rose from 14.7414 to 20.6194, and it reached 21.9076 on 11 Jan 2017. In the first weeks of the pandemic, it hit 25.1185 on 24 Mar 2020, then eased to 19.9087 by the end of that year.
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Banxico FIX on the last banking day of the year, pesos per dollar: 1993 3.11; 1994 5.00; 1995 7.74; 2007 10.92; 2008 13.83; 2016 20.62; 2020 19.91; 2023 16.92; 2024 20.79; 2025 18.00. Banxico, series SF43718.
The strong peso and back
The peso has also had strong spells. The FIX ended 2023 at 16.9190, after readings near 16.7 in Jul 2023. It closed 2024 at 20.7862, the highest year-end reading on record since 1993, then 2025 at 18.0012. On 30 Oct 2026, it was 18.7962, about six times the end-1993 level, by our arithmetic.
Read across three decades, the record suggests an exchange rate that has moved less in smooth steps than in a few sharp episodes, most of them followed by stretches of partial recovery. The Ministry of Finance (SHCP) estimated 17.8 pesos per dollar for the end of 2026 in its 2027 economic framework of 8 Sep 2026.
All figures are Banxico's FIX on the last banking day of each year unless a date is given; percentage changes and multiples are our arithmetic. Banxico publishes the FIX every banking day; the next one is due on 3 Nov 2026.
Sources
- Banco de México, FIX exchange rate (series SF43718), historical table, 1991 to 30 Oct 2026, 2026-11-02. Link
- SHCP, Criterios Generales de Política Económica 2027 (INDETEC compendium), 2026-09-08. Link
- Wikipedia, Mexican peso (context), 2026-11-02. Link
- Wikipedia, Mexican peso crisis (context), 2026-11-02. Link
The same release, as this week's numbers, on our sister site: rutanamex.com/blog/peso-in-2026-october.
Older: Trucks crossing from Mexico since 1996: from 3.3 million a year to 7.6 million