The peso’s volatile year kicked off with months of steady gains until the days following June’s general election, which swept the leftist coalition led by the ruling Morena party to a resounding victory in the presidential race as well as large congressional majorities.
Ahead of the election, the Mexican currency traded in April at about 16.26 pesos per dollar to reach a nine-year high.
The election win for Morena paved the way for passage of constitutional reforms in September, including a major overhaul of the judiciary that critics argue will undermine the independence of the courts in Latin America’s second-biggest economy.
The election of U.S. President-elect Donald Trump in November exacerbated the peso’s rocky ride, amid his fresh tariff threats against Mexico, which sends around 80% of its exports to its northern neighbor.
Mexico’s main stock index also shed value during the year, dipping nearly 14% to close on Tuesday at 49,513 points, its steepest fall since 2018.
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