Mexico has pledged to will work with Donald Trump says it won't pay for his planned border wall, which stirred up deep resentment during a fraught presidential campaign.
As Trump strode toward victory, the peso plunged 13 per cent in its biggest fall since the Tequila Crisis devaluation 22 years ago, before paring losses to trade down 8.7 per cent at 19.91 per dollar. Still, officials held back from taking action to support the peso despite it hitting lifetime lows overnight.
Trump's threats to dump the North American Free Trade Agreement (NAFTA) agreement with Mexico and Canada, and to tax money sent home by migrants to pay for the controversial wall on the southern border, have made the peso particularly vulnerable to events in the US presidential race.
Still, President Enrique Pena Nieto said he called to congratulate Trump, and has agreed to meet the New Yorker during the transition phase to discuss joint cooperation, which he hopes would strengthen the competitiveness of North America.
Welcoming Trump's victory speech pledge to seek "common ground" and partnership with other countries, Pena Nieto said in a televised statement that Mexico shared the same vision.
"Dialogue to make agreements is still the best route for Mexico, and my government will seek opportunities that benefit both nations in this new phase of bilateral relations," he said.
Nevertheless, Foreign Minister Claudia Ruiz Massieu reiterated that Mexico would not pay for Trump's proposed wall.
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