Mexico peso moving towards more sustainable rate

After a market overreaction that depressed the peso, the Mexican currency is moving towards a more sustainable long-term exchange rate, Mexico's Economy Minister Ildefonso Guajardo said on Tuesday.

"The peso reflects a clearer market reality, and can move towards a long-term exchange rate that is sustained in a healthy way," Guajardo said at an event in Mexico City.

Guajardo's statement comes as a reassuring message for both the Mexican economy scenario as well as for potential international direct investment sectors.

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