Mexico’s peso remained under pressure on Wednesday morning, weakening past 20 pesos per dollar after Donald Trump’s surprise U.S. presidential election win, but local authorities held off announcing any immediate mitigating economic measures. After plunging to its weakest-ever levels overnight as Trump forged toward victory, in its biggest fall since the 1994 Tequila Crisis, the peso then recovered slightly. But it was down 10.35 percent at 20.2165 per dollar in early morning trade.
Trump’s threats to rip up a free trade agreement with Mexico and to tax money sent home by migrants to pay for building a wall on the southern U.S. border have made the peso particularly vulnerable to events in the race for the White House. Several economists had expected a snap interest rate hike, but central bank Governor Agustin Carstens said on Wednesday morning the bank would take any necessary measures pending market conditions and hold a monetary policy meeting next week, but did not announce any immediate steps to support the currency.