Mexico's peso which had a shaky week after the abrupt resignation of the finance minister managed to recover most of its losses, ending the week flat. The Colombian and Chilean peso both rose 0.2%.

"The real is by far the strongest currency, but dollar softness and higher commodity prices have helped COP and CLP make gains too," said Kit Juckes, macro strategist at Societe Generale in a note.

"The laggard, reacting to the departure of the Finance Minister, is Mexico's peso."

Emerging markets assets have had a strong run this year as trade disputes taking their toll on global growth led to expectations that major central banks would turn dovish, helping inflows into high-yielding, developing world assets.

Stock indexes in the region were more mixed with Sao Paulo-traded stocks running out of steam as the euphoria over the passage of the pension reform bill was not enough to sustain gains.

Brazil's lower house will try to conclude voting on the landmark pension reform bill before breaking for recess on July 18, speaker Rodrigo Maia said on Friday.

Mexican stocks slid 0.4%, while those in Chile  were marginally lower. Argentina's benchmark index  bucked the trend to rise 0.6%, while the country's peso  inched 0.3% higher.