Mexico's central bank, the Banco de Mexico, cut its key interest rate by half-a-percentage point on Tuesday to 6%. Policy makers in Mexico also rolled out a more than $30 billion stimulus package to "foster an orderly behavior of financial markets, strengthen the credit channels and provide liquidity for the sound development of the financial system," according to a statement by the five-member governing board, which voted unanimously in Tuesday's policy action. At last check, the U.S. dollar bought 24.4573 Mexican pesos /zigman2/quotes/210561814/realtime/sampled USDMXN +1.2978% , up 1.7% in Tuesday afternoon action. Meanwhile, the iShares MSCI Mexico ETF /zigman2/quotes/203022585/composite EWW -1.71% was down 3.2% in late-Tuesday trade, along with declines for the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.88% and the S&P 500 index /zigman2/quotes/210599714/realtime SPX -1.12% . In addition to the COVID-19 pandemic, Mexixo, a major oil producer, has been facing headwinds from the collapse in crude-oil markets /zigman2/quotes/211629951/delayed CL.1 +0.02% lately.