Market Insider

Mexican peso plunges more than 12% to record low vs. dollar on Trump election upset

Mexican peso at a record low

The Mexican peso tumbled against the U.S. dollar as Hillary Clinton conceded the presidential election to Donald Trump.

"Shock and awe in the FX markets. We're having painful flashbacks to Brexit — no one is entirely sure where the bottom is at the moment, so most participants are in a 'sell first, ask questions later' mood," Karl Schamotta, director of FX research and strategy at Cambridge Global Payments, said in an email.

The peso was near 19.88 versus the greenback as of 7:25 a.m., ET, Wednesday morning, after hitting a record low earlier in the session.