Mexico spends $52 million a day to back peso

Mexico's central bank began auctioning off $52 million per day in a bid to stabilize the rapidly devaluing peso, which had fallen to a historic low amid expectations of interest rate hikes in the United States.

The new auctions, which will last through June 8, are in addition to a mechanism that offers $200 million to slow the peso's fall when it drops at least 1.5 percent in a single day.




Source: Associated Press