Mexico’s peso is currently trading at its strongest point against the U.S. dollar in nearly eight years as President Joe Biden touts his economic record and campaigns on his signature “Bidenomics” policy platform.
One U.S. dollar can currently be exchanged for approximately 17 pesos, according to a Yahoo Finance chart tracking the exchange rate; the last time that the peso was at this level of strength against the U.S. dollar was in late 2015. Because of the dollar’s decline, U.S. citizens who travel to Mexico are incurring higher costs and getting less for their money, according to Border Report.
“I exchange money regularly. I get pesos to go shopping, to go out to restaurants and to wash my car in Tijuana,” a San Diego resident who frequently exchanges currency and travels to Mexico told Border Report. “We’re going to pay 5,000 pesos more when compared to last year,” the resident told Border Report.
That’s $306 more a year the resident will pay due to the weakening value of the U.S. dollar, according to Border Report. (RELATED: White House Claims ‘Bidenomics Is Working’ Despite High Inflation, Stagnating Wages)
View of the currency boards at the Mexican stock exchange building on January 4, 2017, in Mexico City. – The Mexican peso has fallen to a record low since Trump’s victory and on Tuesday US automaker Ford cancelled a $1.6 billion plant project in San Luis Potosi state, prompting a plunge in the Mexican currency that fell 1.41% against the dollar. (Photo by PEDRO PARDO/AFP via Getty Images)
Despite the weakening of the U.S. dollar, President Joe Biden has made his economic record and agenda central to his message to voters, making several public appearances to speak about his approach to the economy.
Biden says that his set of economic policies, which he refers to as “Bidenomics,” is working. However, the economy under the Biden presidency has experienced slow GDP growth, record-high inflation, rising trade deficits and falling wages.
The strengthening of the peso versus the U.S. dollar is a trend that has been occurring for some time. Since the beginning of the year, the U.S. dollar has been in a steady decline against the peso, dropping nearly 12% in value at the time of this reporting, according to Bloomberg.
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