“The peso is this year’s second-worst performing major currency, as investors use Mexico’s highly liquid peso as a proxy for global emerging markets. Investors are also concerned that the outlook for higher interest rates in the U.S. will lessen Mexico’s appeal for bondholders chasing the country’s steeper yields. The currency slipped 0.4 percent Tuesday after touching a record-low. Since November, the central bank has been selling $200 million on days the peso weakens at least 1% and an additional $200 million if the drop is more than 1.5%. The policies to support the peso have contributed to an erosion in the country’s foreign reserves, which are near a one-year low at about $175 billion.”
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