Mexico's currency commission announced measures on Wednesday to stem a slide in the peso to record lows, including plans to auction around $3 billion over the next three months and slowing the pace of reserve accumulation.
The $52 million daily dollar auction, which will have no minimum price, will begin on Wednesday and last until June 8. After that, it will be decided whether to continue the daily auction, the currency commission said in a statement. Mexico's peso , which has suffered on the back of a global oil price slump, gained more than 1 percent following the announcement, to 15.45 per dollar, after touching a record low earlier in the session.
Deputy Finance Minister Fernando Aportela told local radio the new measures were aimed at boosting liquidity "given the pressures in the international foreign exchange market, the fact the US economy is doing well and that that means the US will start to raise interest rates in the second half of the year".
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