Peso to Dollar Exchange Rate Hurts Mexican Nationals
POSTED: Tuesday, December 27, 2011 - 6:53pm
UPDATED: Tuesday, December 27, 2011 - 7:05pm
EL PASO - Exchanging pesos for dollars is even pricier right now.
The exchange rate is at almost 14 pesos a dollar.
NewsChannel 9 spoke with Mexican Nationals who say they're doing less shopping in the U.S. until they can get their money's worth.
"The people living on the border were affected a lot with this change," Juan said.
Selling 14 pesos and only getting one dollar back, isn't exactly an attractive offer.
"We don't have enough money for things like the kid's expenses and the food to celebrate new year because of this," Juan said.
Ruth Juan says the value of the dollar is forcing her to spend her money, south of the border.
"Before we would come to El Paso to shop more often, now we only do it when it is possible," Juan said.
Eduardo Ochoa is the general manager of Melek, a currency exchange business, right now it takes 13 pesos and 95 cents to get one U.S. Dollar.
"The exchange rate is a little bit higher, they're going to get less dollars which means the spending power will be diminished by the exchange rate," Ochoa said.
He says the appreciation of the dollar isn't negatively affecting business.
"They're still coming to shop and obviously whenever they want pesos, whenever they get more pesos for their dollar so it benefits one side and is negative for the other," Ochoa said.
But Ruth says, while she's exchanging pesos today, it's not something she's getting used to.
"In all reality, it's been really difficult. It doesn't pay off like it used to. It makes the Mexican peso less valuable," Juan said.