The Mexican Peso lost ground against the U.S. dollar in European deals on Wednesday, as commodities fell on worries over slowing demand in China.

Further weighing on the currency was a higher dollar, which was buoyed following yesterday's upbeat U.S. housing starts data.

The Mexican currency that closed Tuesday's trading at 16.55 against the greenback depreciated to a weekly low of 16.66. The Mexican Peso is likely to find support around the 17.00 region.

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