MEXICO CITY (AP) — Mexico's central bank will auction off $52 million per day in a bid to stabilize the rapidly devaluing peso.
Authorities said the new auctions will start Wednesday and last through June 8.
The peso has fallen to a historic low amid expectations of interest rate hikes in the United States.
The new auctions will be 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.
That mechanism has been used twice so far this year. Mexico has over $194 billion in international reserves.
The peso closed Tuesday with an interbank rate of 15.62 per dollar, The previous low of 15.49 was established on March 9, 2009.