MEXICO CITY (Reuters) – Mexico’s peso weakened nearly 23% this year to close the final day of trading at 20.82 pesos per U.S. dollar on Tuesday, the currency’s deepest drop against the greenback since the 2008 global financial crisis.

The peso’s volatile year kicked off with months of steady gains until the days following June’s general election, which swept the leftist coalition led by the ruling Morena party to a resounding victory in the presidential race as well as large congressional majorities.

Ahead of the election, the Mexican currency traded in April at about 16.26 pesos per dollar to reach a nine-year high.

The election win for Morena paved the way for passage of constitutional reforms in September, including a major overhaul of the judiciary that critics argue will undermine the independence of the courts in Latin America’s second-biggest economy.

The election of U.S. President-elect Donald Trump in November exacerbated the peso’s rocky ride, amid his fresh tariff threats against Mexico, which sends around 80% of its exports to its northern neighbor.

Mexico’s main stock index also shed value during the year, dipping nearly 14% to close on Tuesday at 49,513 points, its steepest fall since 2018.