MEXICO CITY (Reuters) – The Mexican peso fell nearly 23% this year to close the final day of trading at 20.82 pesos to the U.S. dollar on Tuesday, the currency's biggest fall against the U.S. dollar since the 2008 global financial crisis.
The peso's volatile year began 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 a large majority in Congress.
Before the election, the Mexican currency was trading in April at about 16.26 pesos per dollar, reaching its highest level in nine years.
Morena's election victory paved the way for constitutional reforms to be passed in September, including a major overhaul of the judicial system that critics say will undermine the independence of courts in Latin America's second-largest economy.
The election of US President-elect Donald Trump in November exacerbated the peso's difficult journey, amid his new threats to impose customs duties on Mexico, which sends about 80% of its exports to its northern neighbor.
Mexico's main stock index also fell in value during the year, falling nearly 14% to close Tuesday at 49,513 points, its biggest drop since 2018.
