SAN DIEGO (Border Report) — If you drove along San Ysidro Boulevard on Wednesday morning, you would have noticed money exchange houses now asking for 18 pesos for every dollar.
Just a few weeks ago, the rate was 16 to 1. But the peso has been losing strength against the dollar ever since Mexico elected Claudia Sheinbaum president earlier this month.
Her desire to overhaul Mexico’s judicial system and other institutions has led to instability among Mexico’s financial markets, experts say.
Peso exchange houses along San Ysidro Boulevard offer different exchange rates for customers. (Salvador Rivera/Border Report)
No matter the reason for the devaluation, people like Robert Estrada are glad they are getting more pesos for their dollars.
“I go once a week, sometimes more, depending on what’s going on,” Estrada said.
On this day, Estrada was getting pesos for a bank transaction in Tijuana.
He told Border Report he lives on both sides of the border and being able to get more pesos for his dollars is always a plus.
“Living in a border town, I’m very dependent on it,” he said.
Money analysts expect the peso to continue sliding for the rest of the year.
Forecast.org expects the exchange rate to get to 24 pesos per dollar by November.
Estrada said he’d be OK with it.
“I want to see it go up so I get more, but then know it’s going to hurt the people south of the border people that are working there.”
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