The exception to the weak currency rule in Latin America has been Mexico, whose leftwing populist president has pursued nationalist and interventionist policies but also free trade with the US and fiscal discipline. Reflecting this, the Mexican peso fell only 4.5 per cent against the dollar last year, by far the best performance of any major Latin American currency.
The Colombian peso lost 16 per cent of its value against the dollar, while the Peruvian sol weakened by more than 9 per cent. Brazil’s real suffered its fifth consecutive year of devaluation, losing nearly 7 per cent.
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