# EXHIBIT 31.1

# CERTIFICATION PURSUANT
TO SECTION 302(A)OF THE SARBANES-OXLEY ACT OF 2002

I, Carl G. Verboncoeur, certify that:

1.    
          I have reviewed the Annual Report on Form 10-K for the fiscal year ended October
          31, 2007 of CurrencySharesSM Mexican Peso Trust;

2.    
          Based on my knowledge, this report does not contain any untrue statement of a
          material fact or omit to state a material fact necessary to make the statements
          made, in light of the circumstances under which such statements were made, not
          misleading with respect to the period covered by this report;

3.    
          Based on my knowledge, the financial statements, and other financial information
          included in this report, fairly present in all material respects the financial
          condition, results of operations and cash flows of the registrant as of, and
          for, the periods presented in this report;

4.    
          The other certifying officer and I are responsible for establishing and
          maintaining disclosure controls and procedures (as defined in Exchange Act Rules
          13a-15(e) and 15d-15(e)) for the registrant and have:

(a)       
          Designed such disclosure controls and procedures, or caused such disclosure
          controls and procedures to be designed under our supervision, to ensure that
          material information relating to the registrant, including its consolidated
          subsidiaries, is made known to us by others within those entities, particularly
          during the period in which this report is being prepared;

(b)       
          Evaluated the effectiveness of the registrants disclosure controls and
          procedures and presented in this report our conclusions about the effectiveness
          of the disclosure controls and procedures, as of the end of the period covered
          by this report based on such evaluation; and

(c)       
          Disclosed in this report any change in the registrants internal control
          over financial reporting that occurred during the registrants most recent
          fiscal quarter (the registrants fourth fiscal quarter in the case of an
          annual report) that has materially affected, or is reasonably likely to
          materially affect, the registrants internal control over financial
          reporting; and

5.    
          The other certifying officer and I have disclosed, based on our most recent
          evaluation of internal control over financial reporting, to the
          registrants auditors and PADCO Advisors II, Inc.s auditors and the
          board of directors of PADCO Advisors II, Inc. and the board of directors of
          Rydex Fund Services, Inc. and the audit committee of Rydex Specialized Products
          LLCs board of managers (or persons performing equivalent functions):

(a)       
          All significant deficiencies and material weaknesses in the design or operation
          of internal control over financial reporting which are reasonably likely to
          adversely affect the registrants ability to record, process, summarize and
          report financial information; and

(b)       
          Any fraud, whether or not material, that involves persons who have a significant
          role in the registrants internal control over financial reporting.

Date: January 25, 2008

/s/ Carl G. VerboncoeurCarl G.
Verboncoeur Chief Executive Officer (principal executive officer)