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You divide by the "Pesos per Euro" Conversion. For instance, as of April 20th, 2010 the conversion factor is 16.31 Pesos per Euro, or 1 EUR = 16.31 MXP.

Therefore you have 12 MXP / 16.31 = 0.74 Euros or 74 cents of an Euro.

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Q: How do you convert 12 Mexican pesos into euros?
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