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Mexico Peso Tumbles After Government Signals Spending Cuts Loom

  • Currency's decline biggest among major dollar counterparts
  • Mexican peso has had the worst start to any year since 1993
Updated on

Mexico’s peso fell to a record low after the government signaled more spending cuts, further damping the outlook for Latin America’s second-biggest economy.

The peso dropped 0.6 percent to 18.7763 per dollar as of 2:17 p.m. in Mexico City, the most among 16 major currencies tracked by Bloomberg. It earlier fell to a record low 18.9330. Its 8.4 percent slide since the end of December marks the worst start to any year since the 1993 redenomination.