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The exchange rate between the Indian Rupee (INR) and the Mexican Peso (MXN) has experienced notable fluctuations over the past few months. This report analyzes the recent trends, identifies key factors influencing these movements, and offers insights into potential future developments.

Recent Exchange Rate Trends

Between December 30, 2024, and June 27, 2025, the INR/MXN exchange rate exhibited a downward trend. The highest rate during this period was 0.2439 MXN per INR on December 31, 2024, while the lowest was 0.2195 MXN per INR on June 18, 2025. The average exchange rate over these six months was approximately 0.2320 MXN per INR. Overall, the Indian Rupee depreciated by about 8.54% against the Mexican Peso during this timeframe. (exchange-rates.org)

Factors Influencing the Exchange Rate

Several factors have contributed to the observed depreciation of the Indian Rupee against the Mexican Peso:

1. Economic Performance: Mexico's economy has shown resilience and growth in recent months, bolstered by strong export performance and foreign direct investment. In contrast, India's economy has faced challenges such as inflationary pressures and a widening trade deficit, which have negatively impacted the Rupee's value.

2. Monetary Policy: The Bank of Mexico has maintained a relatively tight monetary policy to control inflation, leading to higher interest rates that attract foreign capital. Meanwhile, the Reserve Bank of India has adopted a more accommodative stance to support economic growth, resulting in lower interest rates that may deter foreign investment.

3. Global Market Sentiment: Emerging market currencies, including the Indian Rupee, have been affected by global risk aversion and capital outflows, especially in response to geopolitical tensions and shifts in investor sentiment. The Mexican Peso, often considered a proxy for emerging market risk, has benefited from its perceived stability and higher yields.

Historical Context

To provide a broader perspective, it's useful to examine the INR/MXN exchange rate over the past few years:

• 2021: The exchange rate fluctuated between 0.2638 and 0.2771 MXN per INR in April 2021, with an average of 0.2693. (exchange-rates.org)

• 2022: In March 2022, the exchange rate ranged from 0.2720 to 0.2750 MXN per INR, with an average of 0.2735. (exchange-rates.org)

• 2023: By October 2023, the exchange rate had declined to approximately 0.2087 MXN per INR. (exchange-rates.org)

This historical data indicates a gradual depreciation of the Indian Rupee against the Mexican Peso over the past few years.

Implications and Outlook

The depreciation of the Indian Rupee against the Mexican Peso has several implications:

• Trade: Indian exports to Mexico may become more competitive due to the weaker Rupee, potentially boosting trade volumes. Conversely, imports from Mexico could become more expensive for Indian consumers and businesses.

• Investment: The exchange rate movements may influence investment decisions, with investors potentially favoring Mexican assets due to higher returns and currency appreciation.

Looking ahead, the exchange rate will likely continue to be influenced by the relative economic performances of India and Mexico, monetary policy decisions by their respective central banks, and global market dynamics. Monitoring these factors will be crucial for businesses and investors engaged in INR/MXN transactions.

In conclusion, the Indian Rupee has experienced a notable depreciation against the Mexican Peso over the past few months, driven by a combination of economic, monetary, and global factors. Understanding these dynamics is essential for stakeholders to navigate the evolving currency landscape effectively.