Mexican Peso, Stocks Plunge On Trump Win


Mexican peso, stocks plunge on Trump win

MEXICO CITY, (APP - UrduPoint / Pakistan Point News - 10th Nov, 2016 ) : The Mexican peso plunged by 7.18 percent against the Dollar on Wednesday after Donald Trump's shock US election win, market data showed.

The Mexican Currency weakened to 20.20 pesos to the dollar in late trading from 18.75 on Tuesday, according to private bank Citibanamex. But the latest figure was an improvement from earlier: the dollar was buying at 20.78 overnight in international markets, and at 20.30 when Mexican banks opened Wednesday morning.

Mexico's stock market tumbled by 3.18 percent in opening trade. Trump's abrasive stance toward Mexico has raised fears rose about the economic impact of his victory. The Republican real estate tycoon has pledged to renegotiate the North American Free Trade Agreement (NAFTA).

He has also threatened to deport millions of undocumented immigrants, force Mexico to pay billions of Dollars for the construction of a border wall and freeze the remittances Mexican immigrants send back home.