US Dollar to Mexican Peso exchange rate history 1993 to 2026: trade, nearshoring and the peso
One US Dollar bought 3.124 MXN in 1993 and 17.506 MXN in 2026. Trade, nearshoring and the peso. The series covers 34 years of annual data.
- 2026 avg
- 17.506
- year to date
- Highest avg
- 21.546
- 2020
- Lowest avg
- 3.124
- 1993
- Traded range
- 3.102 to 25.132
- low 1993, high 2020
Source: Federal Reserve H.10 (DEXMXUS). Latest daily observation 2026-10-30.
Annual averages of daily observations.
USD/MXN in four numbers
- Change since 1993
- +514.8%
- 33 complete years
- Change over 10 years
- +21.0%
- 2015 to 2025
- Average annual change
- +6.8%
- standard deviation 17 points
- Largest drawdown
- 18.0%
- 2016 to 2023
USD/MXN against related pairs
Each comparison uses the 2025 year-end change in this dataset, not a daily or monthly window.
USD/MXN annual average, 1993 to 2026
Annual average with the full trading range for each year. average high–low range
Source: Federal Reserve H.10 (DEXMXUS). Figures are annual averages of daily observations.
USD/MXN since 1993
US Dollar to Mexican Peso averaged 3.124 MXN in 1993 and 19.205 MXN in 2025, 514.8% higher across 33 complete years.
The annual average has ranged from 3.124 in 1993 to 21.546 in 2020. On individual trading days the series reached 3.102 and 25.132, a ratio of 8.1 to 1.
USD/MXN against related pairs
USD/BRL moved -11.4% in 2025, while USD/MXN moved -13.7% over the same calendar year.
USD/ZAR moved -12.3% in 2025, while USD/MXN moved -13.7% over the same calendar year.
USD/CAD moved -4.8% in 2025, while USD/MXN moved -13.7% over the same calendar year.
What moves USD/MXN
USD: The US dollar is the world's main reserve currency and the base leg for most foreign exchange trading.
MXN: The Mexican peso is a free-floating, heavily traded emerging market currency with deep links to the US economy.
For USD/MXN, the USD leg responds to Federal Reserve policy, US inflation and Treasury yields, safe-haven demand, while the MXN leg responds to Bank of Mexico and Federal Reserve rate differential, oil, nearshoring and US demand. The exchange rate is the market's attempt to balance the two sets of forces.
Nearshoring, oil and the Mexican peso
USD/MXN is a trade-weighted pair. Mexico sends most of its exports to the United States, so the peso is tied to US demand and to the cross-border manufacturing chain. That makes the exchange rate a transmission channel for demand, not just a financial price.
The Federal Reserve and the Bank of Mexico set policy, but trade flows, tourism, remittances and supply-chain links also matter. The peso is also one of the most liquid emerging market currencies, which makes it a proxy for risk appetite.
The series moved +514.8% from 1993 to 2025. The traded range was 3.102 to 25.132, so the pair has been anything but a fixed conversion.
The five largest USD/MXN moves
Ranked by absolute year-end change, the five largest moves were 1994 (+60.9%), 1995 (+54.8%), 2008 (+26.7%), 2024 (+23.4%), 1998 (+22.7%). The biggest was 1994, when the rate moved from 3.108 to 5.000, a change of 60.9%.
Across 33 complete years the pair rose in 19 and fell in 13. The average annual change was +6.8% with a standard deviation of 17 percentage points, which is one way to compare its volatility with other pairs.
USD/MXN by decade
Grouped by decade, the annual average was 6.740 in 1993-1999 and 19.243 in 2020-2026. The widest decade-to-decade change was +60.1% between 1993-1999 and 2000-2009, when the average moved from 6.740 to 10.791.
The final bucket, 2020-2026, is a partial decade and includes the year-to-date 2026 average. The table below shows every bucket with its high and low, so the short-run moves and the long-run level can be read together.
How to read the USD/MXN data
The annual figures are averages of the daily observations in Federal Reserve H.10 (DEXMXUS). Highs and lows are the most extreme single observations in each calendar year, not intraday highs. Some years have fewer than 200 published trading days (1993), so their averages are based on partial coverage. No figure on this page is estimated or interpolated.
USD/MXN history: the years that moved the rate
Each event below is dated and tied to one of the currencies in this pair.
- 1994 1994-12-20
Mexico devalues the peso
Mexico widened the peso band and devalued the currency by about 15 percent, triggering the Tequila Crisis and a sharp capital outflow.
- 2008 2008-09-15
Lehman Brothers files for bankruptcy
The collapse of Lehman Brothers triggered a global financial crisis, a flight into the US dollar and extreme volatility across currency markets.
- 2020 2020-03-15
Pandemic triggers a global dash for cash
The COVID-19 shock caused a worldwide sell-off and a surge in demand for US dollars, followed by large central bank intervention and emergency rate cuts.
- 2022 2022-03-16
Federal Reserve begins a rapid tightening cycle
The Federal Reserve raised rates for the first time since 2018 and continued with unusually large increases, driving a broad dollar rally during 2022.
USD to MXN exchange rate by year
Every year since 1993: annual average, the year high and low, the year-end rate, and the change on the previous year.
| Year | Average | High | Low | Year end | Change |
|---|---|---|---|---|---|
| 1993 | 3.124 | 3.240 | 3.102 | 3.108 | n/a |
| 1994 | 3.385 | 5.750 | 3.105 | 5.000 | +60.9% |
| 1995 | 6.447 | 8.050 | 5.270 | 7.740 | +54.8% |
| 1996 | 7.600 | 8.045 | 7.325 | 7.881 | +1.8% |
| 1997 | 7.918 | 8.410 | 7.717 | 8.070 | +2.4% |
| 1998 | 9.152 | 10.630 | 8.040 | 9.901 | +22.7% |
| 1999 | 9.553 | 10.600 | 9.243 | 9.480 | -4.3% |
| 2000 | 9.459 | 10.087 | 9.183 | 9.618 | +1.5% |
| 2001 | 9.337 | 9.972 | 8.946 | 9.156 | -4.8% |
| 2002 | 9.663 | 10.425 | 9.001 | 10.425 | +13.9% |
| 2003 | 10.793 | 11.406 | 10.113 | 11.242 | +7.8% |
| 2004 | 11.290 | 11.635 | 10.805 | 11.154 | -0.8% |
| 2005 | 10.894 | 11.411 | 10.414 | 10.628 | -4.7% |
| 2006 | 10.906 | 11.460 | 10.432 | 10.800 | +1.6% |
| 2007 | 10.928 | 11.269 | 10.667 | 10.917 | +1.1% |
| 2008 | 11.143 | 13.935 | 9.917 | 13.832 | +26.7% |
| 2009 | 13.498 | 15.406 | 12.632 | 13.058 | -5.6% |
| 2010 | 12.624 | 13.194 | 12.156 | 12.383 | -5.2% |
| 2011 | 12.427 | 14.254 | 11.505 | 13.951 | +12.7% |
| 2012 | 13.154 | 14.365 | 12.625 | 12.964 | -7.1% |
| 2013 | 12.758 | 13.433 | 11.976 | 13.098 | +1.0% |
| 2014 | 13.302 | 14.794 | 12.846 | 14.750 | +12.6% |
| 2015 | 15.873 | 17.358 | 14.564 | 17.195 | +16.6% |
| 2016 | 18.667 | 20.842 | 17.190 | 20.617 | +19.9% |
| 2017 | 18.884 | 21.891 | 17.478 | 19.640 | -4.7% |
| 2018 | 19.218 | 20.670 | 17.971 | 19.635 | -0.0% |
| 2019 | 19.247 | 20.119 | 18.756 | 18.860 | -4.0% |
| 2020 | 21.546 | 25.132 | 18.570 | 19.892 | +5.5% |
| 2021 | 20.284 | 21.853 | 19.664 | 20.514 | +3.1% |
| 2022 | 20.121 | 21.396 | 19.150 | 19.496 | -5.0% |
| 2023 | 17.733 | 19.421 | 16.664 | 16.900 | -13.3% |
| 2024 | 18.306 | 20.856 | 16.325 | 20.856 | +23.4% |
| 2025 | 19.205 | 20.944 | 17.909 | 18.006 | -13.7% |
| 2026 YTD | 17.506 | 18.794 | 16.863 | 18.794 | +4.4% |
1993–2026 · 33 complete calendar years. Annual figures are averages of available daily observations. Years with partial observation coverage: 1993 (35 published trading days). Each annual average for those years is based on that many published trading days. 2026 is year to date: the average is based on 209 published trading days through 2026-10-30.
USD/MXN by decade
Annual averages grouped into decade buckets. The first and last buckets may cover fewer than ten years.
| Period | Average | High | Low | vs previous |
|---|---|---|---|---|
| 1993–1999 | 6.740 | 10.630 | 3.102 | n/a |
| 2000–2009 | 10.791 | 15.406 | 8.946 | +60.1% |
| 2010–2019 | 15.615 | 21.891 | 11.505 | +44.7% |
| 2020–2026 | 19.243 | 25.132 | 16.325 | +23.2% |
Average of the annual averages in each period. The first and last rows cover partial decades.
Five largest USD/MXN moves
The largest absolute year-end changes in the published series, using complete calendar years only.
- 1994 +60.9% 3.108 to 5.000
Year-end rate moved from 3.108 to 5.000, a change of 60.9%.
- 1995 +54.8% 5.000 to 7.740
Year-end rate moved from 5.000 to 7.740, a change of 54.8%.
- 2008 +26.7% 10.917 to 13.832
Year-end rate moved from 10.917 to 13.832, a change of 26.7%.
- 2024 +23.4% 16.900 to 20.856
Year-end rate moved from 16.900 to 20.856, a change of 23.4%.
- 1998 +22.7% 8.070 to 9.901
Year-end rate moved from 8.070 to 9.901, a change of 22.7%.
USD/MXN history: common questions
What was the USD/MXN rate in 1993?
One USD averaged 3.124 MXN in 1993, with a range of 3.102 to 3.240 and a year-end rate of 3.108.
What is the highest USD/MXN rate on record?
The highest annual average was 21.546 in 2020. The highest single observation was 25.132 in 2020.
What is the lowest USD/MXN rate on record?
The lowest annual average was 3.124 in 1993. The lowest single observation was 3.102 in 1993.
What was the biggest single-year move in USD/MXN?
1994 was the largest, at +60.9%. The year-end rate moved from 3.108 to 5.000.
How volatile has USD/MXN been?
Across 33 complete years the average annual change was +6.8% with a standard deviation of 17 percentage points. The largest drawdown was 18.0%, from 2016 to 2023.
What is the USD/MXN rate in 2026?
The 2026 average is 17.506 MXN per USD, based on the year to date. The latest complete year, 2025, averaged 19.205.
Query any USD/MXN rate since 1993
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