Citigroup and Spain’s Banco Santander and BBVA are standing fast with plans for further investment in Mexico, where they control the country’s top three banks.
The Mexican peso alternated between daily gains or losses of more than 1 percent for much of President Donald Trump’s first week in office.
The Mexican peso MXN= weakened to a historic low of 22.04 per dollar and the country’s stock index fell on Wednesday, after U.S. President-elect Donald Trump warned U.S. auto companies would face a high tax for products made south of the border.
Mexico said on Wednesday it would throw its relationship with the United States wide open in talks with the incoming Trump administration, putting security, migration and trade on the table as it seeks to avoid a major economic shock.
Mexico’s central bank sold dollars in Mexico and New York on Thursday to fight off the peso’s nose dive to record lows amid fears U.S. President-elect Donald Trump’s protectionist policies could further hammer Latin America’s second-biggest economy.