MEXICO CITY (Reuters) – The Mexican peso has weakened almost 23% this 12 months to shut the newest buying and selling day on Tuesday at 20.82 pesos per U.S. greenback, the foreign money’s greatest drop in opposition to the dollar because the world monetary disaster of 2008.
The peso’s unstable 12 months started with months of regular positive factors till the times following June’s normal elections, which propelled the left-wing coalition led by the ruling Morena occasion to a powerful victory within the race for presidential election in addition to massive majorities in Congress.
Earlier than the elections, the Mexican foreign money traded in April at round 16.26 pesos to the greenback, reaching its highest stage in 9 years.
Morena’s election victory paved the best way for the adoption of constitutional reforms in September, together with a serious overhaul of the justice system that critics say would undermine the independence of courts in Latin America’s second-largest economic system.
The election of U.S. President-elect Donald Trump in November exacerbated the peso’s plight, amid new tariff threats in opposition to Mexico, which ships about 80% of its exports to its northern neighbor.
Mexico’s principal inventory index additionally misplaced worth over the 12 months, falling almost 14% to shut Tuesday at 49,513 factors, its greatest decline since 2018.
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