Mexican peso firms after Fitch downgrade
The Mexican peso firmed 0.50 percent on Tuesday as investors started unwinding dollar positions following a Fitch downgrade of the country's debt for the first time in more than a decade.
On Monday, Fitch cut Mexico's sovereign rating to BBB from BBB-plus. The expected move had kept markets on tenterhooks for several weeks, prompting many to buy dollars as a precaution.
The peso traded at 12.9025 per dollar.
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