MEXICO CITY (Reuters) - Mexico’s peso currency tumbled 1.81% on Sunday to a new low of 24.86 pesos per U.S. dollar, after warnings of a big jump in unemployment in the United States and growing global worries due to the coronavirus pandemic.
Sunday’s trading marks the 15th consecutive day that the currency has weakened. Over that time, the peso has been the most battered emerging market currency.
The currency is often seen as a proxy for emerging market investment climate as it can be traded 24 hours a day around the world.
Investors have expressed concern for the economic stewardship of Mexican President Andres Manuel Lopez Obrador long before the current public health crisis triggered a broad economic deceleration.
Reporting by Noe Torres; Editing by David Alire Garcia, Diane Craft and Kim Coghill