In a column in the newspaper Reforma on Sunday Bank of Mexico Gov. Agustin Carstens said the causes for the record drop are global and external to Mexico, with the dollar strengthening against currencies in both advanced and emerging countries.
Latin American currencies fell on Tuesday after China's decision to devalue the yuan by nearly 2 percent fueled a sharp drop in commodities prices.
Agustín Carstens, Mexico's Central Bank Governor, said conditions should improve for the Mexican currency once market turbulence over possible rate increases by the U.S. Federal Reserve bank has receded.
The peso, which touched 16.0050 peso per dollar, has hit a succession of lows against the greenback this year.
Carlos Serrano, chief economist of BBVA Bancomer, said that the exchange rate could drop to 15 pesos per dollar if the U.S. Federal Reserve raises interest rates, which could happen in early 2016.