Mexican Peso to US Dollar Rate History

In 2002, one US dollar bought 21.16 Mexican pesos. In 2012, the same dollar bought 12.77 pesos. The peso to dollar history across two decades uses official data from Banco de México and the Federal Reserve. You will see exactly how the rate moved, what caused each shift, and why no one can reliably forecast what comes next.

Banco de México publishes the tipo de cambio FIX each business day at 12:00 Mexico City time. The Federal Reserve publishes H.10 foreign exchange rates daily at approximately 4:00 PM Eastern time. Both series go back to the 1990s. The yearly averages below are calculated from the daily FIX rate, which is the official accounting rate used by the central bank.

The table uses the interbank rate as its benchmark. No consumer gets the interbank rate. Banks and ATM networks add a spread, but the annual average shows the direction and magnitude of long-term moves. The effective exchange rate you pay will always be worse (higher when buying dollars, lower when selling them) than these numbers.

Year	Average Rate	Source	What It Meant
2000	9.45	Banxico SIE	Strong peso; 1 USD bought under 10 pesos all year.
2001	9.34	Banxico SIE	Peso strengthened briefly after 2000 peak.
2002	10.56	Banxico SIE	Rate jumped past 10; peso weakens after 9/11 and recession.
2003	11.24	Banxico SIE	Continued slide as global risk aversion rose.
2004	11.29	Banxico SIE	Stabilised near 11.3; oil prices begin to support the peso.
2005	10.94	Banxico SIE	Slight improvement as emerging market inflows increase.
2006	10.92	Banxico SIE	Rate held near 11; election uncertainty had limited effect.
2007	10.92	Banxico SIE	Global liquidity high; peso stable.
2008	11.29	Banxico SIE	Lehman collapse pushes rate up sharply in Q4.
2009	13.57	Banxico SIE	Global financial crisis: peso drops 23% in one year.
2010	12.63	Banxico SIE	Partial recovery as commodities rally.
2011	12.47	Banxico SIE	Rate holds near 12.5; oil at $100+ helps.
2012	12.77	Banxico SIE	Peso at its strongest post-crisis level.
2013	12.89	Banxico SIE	Moderate weakening; Fed taper talk begins.
2014	13.53	Banxico SIE	Oil price decline starts to hurt the peso.
2015	15.86	Banxico SIE	Oil crash; Fed rate hike expectations accelerate sell-off.
2016	18.63	Banxico SIE	Brexit and US election: peso hits 20+ for first time.
2017	18.84	Banxico SIE	NAFTA renegotiation fears keep rate near 19.
2018	19.24	Banxico SIE	Trade war and emerging market sell-off push rate higher.
2019	19.17	Banxico SIE	Rate stabilises above 19; Banxico holds rates steady.
2020	21.59	Banxico SIE	COVID-19 panic: peso crashes to 25 in March, recovers partially.
2021	20.23	Banxico SIE	Recovery; remittances hit record highs supporting the peso.
2022	20.28	Banxico SIE	War in Ukraine; Fed rate hikes; peso holds above 20.
2023	17.84	Banxico SIE	Peso strengthens sharply; rate falls below 18 for first time since 2016.
2024	17.20	Banxico SIE	Rate continues to fall; peso at multi-year high.

The peso exchange rate history is a story of external shocks, not internal Mexican policy. Four events caused the largest swings:

2008-2009: The Global Financial Collapse

The average rate jumped from 11.29 in 2008 to 13.57 in 2009, a 20% loss. The cause was a global flight from risk. Foreign investors sold peso-denominated assets and bought US Treasuries. Banxico could not stop the slide with domestic rate changes because the shock was external. The Federal Reserve's H.10 series shows the dollar weakened against most major currencies in the same period. The peso's weakness was a double penalty: capital fled Mexico and also fled to the dollar.

2014-2016: Oil Price Collapse and the Trump Election

Mexico is an oil exporter. When crude fell from $100 a barrel to under $30 in 2015, the peso followed. The average rate went from 13.53 in 2014 to 18.63 in 2016, a 38% drop. In November 2016, the rate touched 21.00 on election night. The move was not about Mexican fundamentals. It was about perceived trade risk. NAFTA was the issue, not inflation. Banxico's monetary policy statements from the period cite external risk as the primary driver.

2020: COVID-19 Panic

March 2020 saw the worst one-month move in the peso's modern history. The rate hit 25.15 on March 19. Foreign investors pulled capital from all emerging markets simultaneously. The peso recovered to 21.59 by year end, but the shock was a reminder: the peso dollar chart reflects global risk appetite, not Mexico's economic output.

2023-2024: The Surprising Peso Rally

Between 2022 and 2024, the peso strengthened from an average of 20.28 to 17.20 per dollar, a 15% gain. This is unusual. The US raised interest rates at the fastest pace in 40 years, which typically strengthens the dollar, not the peso. What changed was remittances. Mexicans abroad sent over $60 billion in 2023, and a shift in foreign investment toward Mexico as a manufacturing alternative to China. Banxico also raised its own rates, making peso bonds attractive. The rally shows that commodity prices are no longer the sole driver.

The dollar to peso historical record shows four forces that matter repeatedly:

Interest Rates

When the US Federal Reserve raises rates, the dollar strengthens against most currencies. But the relationship is not mechanical. In 2023-2024, the peso gained despite high US rates because Banxico also raised its rate, and the yield on peso bonds exceeded the dollar's yield by enough margin to attract carry-trade investors. The spread between the two central bank rates matters more than the US rate alone.

Oil

Mexico is a net oil exporter, but the economy is far less dependent on oil than in the 1990s. The 2014-2015 oil crash hit the peso hard. The 2020 oil crash barely registered in the rate because the COVID panic overwhelmed the signal. Oil still moves the peso, but it is no longer the single biggest factor.

Remittances

Mexican workers abroad sent $60 billion home in 2023, according to Banxico. That flow creates a steady demand for pesos, which supports the exchange rate. In months when remittances spike, typically before Christmas and Mother's Day, the rate tends to tick lower. The effect is small but consistent.

Risk Sentiment (Country Risk Premium)

This is the most volatile force. When global investors get nervous about emerging markets, they sell pesos first. The 2009, 2016, and 2020 shocks were all driven by risk sentiment, not by changes in Mexican inflation or output. The peso is liquid and easy to sell, so it gets sold fast in a crisis. That is why the peso dollar chart drops 20% in weeks, not in months.

The peso dollar chart is a record of failed forecasts. Financial analysts in early 2023 predicted the peso would trade near 22 by year end; it traded below 18. In early 2020, the consensus was for a stable 19 to 20 range; the COVID shock took it to 25. The problem is that the three most powerful drivers, oil, remittances, and global risk sentiment, are themselves unpredictable. A war, a tariff, a pandemic, or a change in the US Federal Reserve's rate plan can reverse a year-long trend in weeks.

The Federal Reserve H.10 series shows that the peso's monthly volatility is higher than that of the Canadian dollar, the euro, or the Japanese yen. That is not a flaw in the Mexican economy. It is a feature of a currency that is freely traded, liquid, and exposed to global capital flows. The Argentine peso, by contrast, is not freely traded. Capital controls suppress volatility at the cost of a multiple-rate system that makes the official rate nearly meaningless for consumers.

The practical takeaway: do not base a financial decision on a forecast. Base it on the effective exchange rate you can get today. The difference between the mid-market rate you see on Google and the rate your bank actually applies is the only number you can control.

The MXN USD history chart is available from Banxico's SIE platform and the Federal Reserve's H.10 release. Both publish daily rates going back decades. To read the chart correctly, remember these three rules:

First, a rising line means the peso is weakening: it takes more pesos to buy one dollar. A falling line means the peso is strengthening. Second, the FIX rate is a daily average, not a live interbank rate. It smoothes out intraday spikes. Third, the spread between the FIX rate and the rate you get at a bank or ATM is typically 1-3%. Banxico's Circular 22/2010 requires Mexican ATM operators to display the fee before you confirm a withdrawal, but the spread is rarely shown. You see the fee. You do not see the rate markup.

The timeline below links each major rate move to a verifiable event, with the source that confirms it.

2002: Peso Crosses 10

Event: Post-9/11 recession and Argentina's default (2001) spread risk aversion across Latin America. Source: Banxico SIE yearly average. The rate went from 9.34 in 2001 to 10.56 in 2002, a 13% jump.

2008-2009: Financial Crisis

Event: Lehman Brothers collapse (September 2008) triggered a global flight from risk. Source: Federal Reserve H.10 series shows the dollar strengthening against all major currencies. Banxico's SIE shows the FIX rate rising from 11.29 in 2008 to 13.57 in 2009.

2014-2016: Oil Crash and Election

Event: Oil prices fell from $100 to under $30 (2014-2016). The US presidential election (November 2016) added trade-uncertainty premium. Source: Banxico monetary policy statements from 2015 and 2016 cite external risk. The FIX rate hit 21.00 on election night, according to Banxico daily data.

2020: COVID-19

Event: Global pandemic lockdowns (March 2020). Source: Banxico SIE shows the rate peaking at 25.15 on March 19, 2020. The Federal Reserve's H.10 series shows the dollar strengthening simultaneously against most emerging market currencies.

2023-2024: Remittance-Fueled Rally

Event: Record remittances ($60 billion in 2023) and nearshoring investment. Source: Banxico balance of payments data and monetary policy statements. The FIX rate fell from 20.28 in 2022 to 17.20 in 2024, a 15% gain.

The peso dollar chart is a tool, not a prediction. Use it to understand what range is normal. The 20-year average is roughly 15 MXN/USD, but the rate has spent most of the last decade above 18. A rate below 17 is historically strong. A rate above 22 is historically weak. If you are sending a remittance or buying pesos, compare the effective exchange rate from your service to the FIX rate for that day. The difference is the spread. A spread above 4% is a poor deal. A spread of 1-2% is normal for a bank or ATM. A spread under 1% is rare and typically only available from specialist online services.

Do not trust a casa de cambio that offers a rate near the Google rate. The Google rate is the mid-market rate; no consumer gets it. The casa de cambio makes its profit on the spread. If they claim to give the mid-market rate, they are hiding the fee elsewhere. Banxico's Circular 22/2010 requires ATM fee disclosure, but no rule requires disclosure of the spread on a casa de cambio transaction.