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The dollar closed at MXN$ 18.95 pesos, according to data from Citibanamex
During the most critical months of the renegotiation, September and October, the exchange rate could reach MXN$18.70 per dollar
"I hope that the discussions between the U.S. and Mexico, which begun now, will rapidly provide for more clarity and certainty. If that is the case it should be reflected in an appreciation of the peso," he said
The peso slipped 0.3 percent after touching a three-week peak earlier in the day.
The peso rose more than 2 percent after Trump said in a speech a strong Mexican economy was good for the United States and that he wanted to see it flourish.
The peso had strengthened on Friday after Trump refrained from specifically mentioning Mexico in his inauguration speech.
The Mexican peso strengthened 1 percent but still hovered near an all-time low touched earlier this month.
The peso hit a record low in January and traded close to that low just above 22 per dollar on Thursday.
Even before his swearing-in, Trump has already hurt the country's economy by pressuring automakers to shift factories out of Mexico, threatening its most important manufacturing sector and status as a rising star in auto production
The peso dropped nearly 2 percent after Trump's choice for commerce secretary said renegotiating a trade deal with Mexico and Canada would likely be the incoming administration's first priority.