The peso fell to its lowest level since November following the results of the presidential elections in Mexico

The Mexican peso reached its lowest level since November 2023 after the presidential election – 17.5 pesos per $1.

According to preliminary results, Claudia Sheinbaum, the candidate of the ruling National Renaissance Movement (Morena) party, will become the first female president of Mexico. Despite Sheinbaum's expected victory, her party's dominance in both houses of parliament has raised market concerns. They fear that this could lead to the adoption of controversial reforms and constitutional changes.

Sheinbaum is likely to continue the policy of incumbent President Andres Manuel Lopez Obrador, aimed at strengthening the party's influence on the judicial system, reducing government funding and weakening the fight against drug cartels.

According to electoral authorities, Sheinbaum won about 58-61% of the vote, her main rival from the center-right bloc «Strength and Heart for Mexico», Sochitl Galvez, received about 26-29%, and the candidate from the «Civil Movement», Jorge Alvarez Maines, received about 10%. Sheinbaum said that both rivals had admitted defeat.

The President of Mexico is elected for a six-year term. Sheinbaum's inauguration will take place four months after the election, and she will take up her duties on October 1.