An improving economic outlook as COVID-19 vaccines are rolled out and unprecedented fiscal and monetary stimulus has dimmed the allure of the greenback.
The US currency is also suffering from rising fiscal and current account deficits that show no signs of slowing down.
The peso gained 0.3% after Foreign Minister Marcelo Ebrard said on Twitter that Mexican authorization of AstraZeneca and Oxford University's vaccine was "imminent."
MSCI's index of LatAm currencies and stocks dropped between 13% and 15% this year.
The lira rose as high as 7.4100 against the US currency in thin trade due to end-of-year holidays. Last Thursday, the central bank raised its one-week repo rate to 17% from 15%.
The lira stood at 7.4425, still 20% weaker than at the end of last year.