Mexico sells more foreign reserves to boost peso

Mexico's central bank held three separate auctions to sell US$6.4 billion in foreign currency reserves on Friday in an increasingly aggressive push to boost its sagging peso. The first auction sold US$3 billion dollars, the second US$400 million. The bank then sold another US$3 billion late Friday morning at an average of 12.8 pesos to the dollar. Mexico's currency was still trading around 13 to the dollar after the third sale, having slipped below 14 earlier in the day. The peso has declined more than 20... [read full story]