CBSE ENGLISH LANGUAGE & LITERATURE

Detailed explanation-1: -The peso is the monetary unit of several countries in the Americas and the Philippines. Originating in the Spanish Empire, the word peso translates to “weight". In most countries of the Americas, the peso uses the same sign, “$", as many currencies named “dollar". The sign “₱” is used in the Philippines.

Detailed explanation-2: -The Mexican peso (MXN) is the official currency of Mexico. It is subdivided into 100 centavos. The currency was initially based on Spain’s official currency, called ‘real’, which was the Spanish dollar.

Detailed explanation-3: -In the USA, we have dollars and cents, and in Mexico, there are pesos and centavos (cents). Just as 100 cents make up a dollar in US currency, 100 cents make up one peso in Mexican currency. To keep things simple, let’s say 20 Mexican pesos is roughly equal to one U.S. dollar.

Detailed explanation-4: -Latest Currency Exchange Rates: 1 Mexican Peso = 0.0551 US Dollar.

Detailed explanation-5: -The Mexican peso had another solid year in 2022, closing at 19.50 to the US dollar, posting a 5.1% gain in the 12 months to December 31. The currency also demonstrated resilience and stability, with the exchange rate fluctuating between 19 and 21.50 pesos to the dollar through 2022.