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Investing.com — Mexico’s local currency has performed favorably in 2023: It has appreciated 11% against the U.S. dollar, making it the third strongest currency in emerging markets with analysts, traders, and banks referring to it as the “Super peso”.

Many catalysts have helped the remain strong: The rate differential between Mexico and the U.S., historic remittance inflows, Mexico’s momentum for nearshoring and solid international reserves – to name a few.

On Wednesday, Mexican President Andrés Manuel López Obrador used Investing.com data to highlight the appreciation of the Mexican peso against the dollar during his regular morning press conference.

At the beginning of Wednesday’s session, the price of the dollar in Mexico was 17.31 pesos, a high not seen since May 2016.

“This is a unique thing in 50 years. It is the currency that has appreciated the most in the world,” Obrador said.

According to the president, the appreciation of the peso against the dollar has been supported by economic growth, the arrival of foreign investment and the country’s stability.

“A lot of investment is arriving; foreign investors are welcome. And they know that there is security for investment in Mexico, that Mexico is a country with economic stability and political stability,” he said.

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This article originally appeared on the Mexican site.

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