Mexico Says No Dollars Sold During First Day of Auctions

Mexico’s central bank said it didn’t sell dollars or receive offers in the three auctions it held today.

Mexico’s currency commission announced yesterday that the central bank will auction $400 million daily. To provide market liquidity, the bank will offer the dollars at a peso exchange rate that’s at least 2 percent weaker than the previous day’s level, the commission said.

No offers were received or dollars were sold during the today’s auctions, the bank said on its website.

Auctions take place daily from 9 a.m. to 9:05 a.m., 12 to 12:05 p.m. and 3 p.m. to 3:05 p.m. in Mexico City.

The peso has lost 15 percent in the last six months, the biggest decline among the six most-traded Latin American currencies tracked by Bloomberg.

Mexico’s foreign currency reserves have climbed $26 billion since the start of the year to $140 billion in the week ending Nov. 25, central bank data shows.

To contact the reporter on this story: Ben Bain in New York at bbain2@bloomberg.net

To contact the editor responsible for this story: Jonathan Roeder at jroeder@bloomberg.net