Mexican Peso Falls to 18.41 Per Dollar in October 2026

The Mexican peso weakened to 18.41 per dollar in Mexico during the October 10-11, 2026 weekend reference period as markets reacted to possible interest rate cuts by Banco de México and renewed pressure on the currency.

According to Banco de México data cited by Dallas News and El Economista, the exchange rate closed at 18.4111 pesos per dollar on October 9, marking a 1.15% daily depreciation and the fifth consecutive week of losses.

The peso traded between 18.1427 and 18.4986 units per dollar during Friday's session, according to El Economista. The currency had not reached similar levels since November 2025, while its five-week decline totaled about 9% from September levels.

The pressure increased after minutes from Banco de México's September 24 monetary policy meeting showed that three of five board members considered possible reductions to the benchmark rate, which remained at 6.50%.

"A specific reduction could be evaluated in the following decisions" according to a Banco de México board member.

The meeting minutes also included another board member's view that future conditions could allow a lower rate adjustment.

"A downward fine-tuning could be discussed" according to a Banco de México board member.

Gabriela Siller Pagaza, director of Economic and Financial Analysis at Grupo Financiero BASE, highlighted that two board members had explicitly mentioned possible rate reductions.

"Two of them were explicit: one indicated that a specific reduction in the rate could be evaluated, while another mentioned that a downward fine-tuning could be discussed," said Gabriela Siller Pagaza, director of Economic and Financial Analysis at Grupo Financiero BASE.

Analysts cited by the reports said a smaller interest-rate gap between Mexico and the United States reduced the appeal of peso-based carry trade strategies. The U.S. Federal Reserve rate range was reported at 3.75%-4%.

"We are at a difficult point to read," said Jorge González, director of Asesores en Divisas y Riesgos.

González said the exchange rate could continue showing volatility, while markets monitor central bank decisions and international conditions.

"In the short term, 18 per dollar is the first level to watch now that the pair has surpassed it, and 18.50 will be the resistance. On the downside, the 17.50 to 17.70 zone, where the pair traded before the Fed and Banxico announcements, is a buyers' zone," said VTMarkets.

The exchange rate affects remittances, international payments, travel costs and imported goods. Dallas News reported that the dollar was quoted at 18.41 pesos in reference exchange rates for October 10 and 11.