Mexico's peso weakened to a historic low of 22 per dollar on Wednesday, shortly after U.S. President-elect Donald Trump began a news conference in New York.
The peso was the worst-performing major currency last year, weakening 20 percent against the dollar as Trump closed in on the U.S. presidency.
The currency pared losses slightly after passing the psychological 22 peso barrier to trade at 21.90 per dollar, dipping 0.45 percent at 10:40 a.m. eastern.
The peso's depreciation has sped up in the first few days of 2017. Trump told major automakers last week to expect high taxes on vehicles made in Mexico that are sold in the United States as he attempts to bring back manufacturing jobs.