A dollar cost 18.7962 pesos at Banxico's FIX on 30 Oct 2026, the last banking day of the month, against 18.0012 at the end of 2025. That's 4.4% more pesos per dollar, by our arithmetic, and it undoes the ground the peso gained in the first eight months of the year.
Pesos per dollar at month-end, Dec 2025 to Oct 2026
Banxico FIX, last banking day of each month
A strong first eight months
The year started after a strong 2025. The FIX fell from 20.7862 at the end of 2024 to 18.0012 at the end of 2025, 13.4% fewer pesos per dollar, by our arithmetic.
For most of 2026, the peso traded stronger than where it began. Seven of the first eight month-end FIX readings were below 17.6, and Aug ended at 17.0147. On 4 Sep, the FIX reached 16.8748, the peso's strongest reading of the year. Of those eight, only Mar closed above the end-2025 level, at 18.0033.
Eight weeks the other way
From that 4 Sep low to 30 Oct, the FIX rose 11.4%, by our arithmetic. Sep ended at 18.0692, up 6.2% on the month, and Oct at 18.7962, up another 4.0%. On 29 Oct, the FIX reached 18.8148, the year's highest reading.
Market reports at the time pointed to several pressures: a narrower interest-rate gap between Mexico and the US, stalled talks on US tariffs on metals and vehicles, and wider risk aversion tied to oil and the Middle East. Inflation for the first half of Oct, above forecasts, also made a Banxico rate cut look less likely, according to the same reports.
Against the budget's assumption
The Ministry of Finance (SHCP) presented its 2027 economic framework on 8 Sep 2026, when the peso was near its best. It estimated 17.8 pesos per dollar at the end of 2026 and 18.0 at the end of 2027. The 30 Oct FIX was about one peso above the 2026 figure, with two months left in the year.
What the FIX is
The FIX is a reference rate, not the price at a bank window or an exchange house, which quote their own buying and selling prices. Banxico sets it each banking day from an average of market quotes and publishes it from midday; the Diario Oficial de la Federación carries it the next banking day, and it's the rate used for dollar obligations payable in Mexico.
Mon 2 Nov is a bank holiday in Mexico, so the next FIX is due on 3 Nov 2026. The long record: why-mexico.com.
Sources
- Banco de México, FIX exchange rate, historical table (SF43718), 2 Nov 2026
- Banco de México, FIX: how it is determined, 2 Nov 2026
- SHCP, Criterios Generales de Política Económica 2027 (INDETEC compendium), 8 Sep 2026
- EFE in El Informador, peso adds eight weeks of losses, 30 Oct 2026
- El Cronista, peso heads toward 19 per dollar, 22 Oct 2026
- N+, peso at its weakest in more than a year after inflation data, 22 Oct 2026
- Expansión, bank holidays 2026 (CNBV calendar), 10 Dec 2025
- Wikipedia, Mexican peso (context), 2 Nov 2026
Figures checked at their original sources on 2 Nov 2026. See an error? Corrections.