A situation where a country's currency becomes worth less relative to other currencies. This can happen intentionally when a government or central bank decides to lower the official value of its currency, or it can happen naturally due to market forces. Devaluation makes a country's exports cheaper but imports more expensive.
If the Mexican peso weakens relative to the U.S. dollar, Mexican goods become cheaper for American buyers. At the same time, American goods become more expensive for Mexicans to purchase, so they buy less from the United States.
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