The peso fell 0.2 percent against the dollar in morning trading to 18.315, after hitting a monthly low of 17.962 on Wednesday after the move by the Bank of Mexico.
Finance Minister Luis Videgaray said dollar auctions to support the peso will very likely continue.
Finance minister said the government proposed to lawmakers to reduce the 2016 deficit, excluding investments by state oil company Pemex and other items, to 0.5 percent of gross domestic product from 1 percent this year.
Finance Minister Luis Videgaray said that on Saturday, a day after the Mexican currency hit a fresh low against the greenback.