Mexican peso drops to new record low
The Mexican peso has dropped to a new record low, as the currency continues to experience volatility in the wake of Donald Trump's shock win in the US Presidential election on Wednesday.
Mexico's currency dove to an all-time low when the result was announced on Wednesday morning. The peso has been seen as a bellwether for Trump's election campaign, given his extreme views on the US' policy on its southern neighbour.
Having dropped to a rate equivalent to around 20 pesos per dollar, the currency then recovered slightly, but yesterday dropped again – and this morning it sank 1.44 per cent to $0.0479.
(Source: Bloomberg)
The Mexican central bank held a news conference after the currency nose-dived yesterday, but chief Agustin Carstens did not announce any emergency measures, and said authorities would wait until their meeting on 17 November to make a decision on further interest rates.
In the run-up to the election, the bank warned that the US Presidential election was the biggest threat to Mexico's economy.