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Mexico's daily dollar auction fails to get bids

Mexico's daily dollar auction fails to get bids

The Mexican central bank's daily auction of $400 million has failed to generate enough interest.
The bank offers US$400 million at auction each day at the previous day's closing price plus 2 percent, drawing bids only when the peso's losses exceed the difference.
Monday's auction received only $5 million in bids at a rate of 13.25 pesos per dollar. Three separate central bank auctions on Friday also failed to generate enough bids to go forward.
Mexico's central bank has sold about 15 percent of its foreign currency reserves to boost the sagging peso, which ran at about 11 per dollar for much of the past year.
The stock market's benchmark IPC index was down 1.9 percent to 16,656 in early morning trading Monday.


Updated : 2021-05-16 11:19 GMT+08:00