Mexico sells $400 million in foreign reserves

November 20, 2008 12:00:00 AM PST
Mexico's central bank has sold $400 million in foreign currency reserves to prop up its tumbling peso. The peso was at 13.7 to the dollar in early trading Wednesday compared to 13.5 the previous day.

Mexico's benchmark IPC index also fell 0.18 percent to 18,544 as U.S. unemployment claims unexpectedly jumped. The bank sold the currency for an average rate of 13.52.

Mexico has sold more than $14 billion of its foreign reserves since October as it tries to protect its economy in the global financial crisis.



-----------------------------------------------------------------------------------------------

abc30 News Links:
Links to other news sections on our website.

-----------------------------------------------------------------------------------------------

Breaking News Alerts:
Click Here to Sign-Up for Breaking News E-Mail Alerts
Receive Breaking News alerts in your email inbox.


Click Here to Sign-Up for Text Message Alerts
Receive Breaking News alerts right on your cell phone.


-----------------------------------------------------------------------------------------------

Load Comments