The Mexican peso weakened nearly 23% this year to close the latest trading day at 20.82 pesos per U.S. dollar on Tuesday, the currency’s biggest decline against the greenback since the global financial crisis in 2008.
The peso’s volatile year began with months of steady gains until the days following June’s general election, which saw the left-wing coalition led by the ruling Morena party score a resounding victory in the race for the presidency as well as significant majorities in Congress.
Before the elections, the Mexican currency traded in April at around 16.26 pesos to the dollar, reaching its highest level in nine years.
Morena’s election victory paved the way for the adoption of constitutional reforms in September, including a major overhaul of the judicial system that critics say will undermine the independence of the courts in America’s second-largest economy Latin.
The election of US President Donald Trump in November has exacerbated the peso’s woes, with his renewed threats of tariffs against Mexico, which sends around 80% of its exports to its northern neighbor.
Mexico’s main stock index also lost value over the year, falling nearly 14% to close Tuesday at 49,513 points, its biggest fall since 2018.
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