| | |  Business News | October 2008 
Mexico Sells Off Extra 1.5 Bln Dlrs in Fight Against Falling Peso
 Agence France-Presse
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| | A woman passes by a bank where a board with the dollar exchange rate is seen in Mexico City, on October 6, 2008. Mexico's central bank sold off an extra 1.5 billion dollars Thursday in a bid to stabilize the falling peso, which changed hands at 13.23 to the dollar in late trading. (AFP/Ronaldo Schemidt) | | |
Mexico City - Mexico's central bank sold off an extra 1.5 billion dollars Thursday in a bid to stabilize the falling peso, which changed hands at 13.23 to the dollar in late trading.
The 1.5 billion was on top of a daily sale of 400 million dollars, part of a temporary mechanism set up last week.
The extra 1.5 billion was sold in five minutes at an average of 12.95 to the dollar, while the 400 million was sold at a rate of 13.18 to the dollar.
Mexico's foreign reserves dropped 8.995 billion dollars last week, to 75.121 billion dollars, as the central bank began selling dollars to defend a plunging peso.
Despite the sales, the peso hit a record low at the end of the week, changing hands at 13.29 to the dollar. |
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