Mexico sells $400 million in foreign reserves

MEXICO CITY (AP) -- Mexico's central bank has sold $400 million in foreign currency reserves to prop up its tumbling peso.

The peso was at 13.7 to the dollar in early trading Wednesday compared to 13.5 the previous day.

Mexico's benchmark IPC index also fell 0.18 percent to 18,544 as U.S. unemployment claims unexpectedly jumped. The bank sold the currency for an average rate of 13.52.

Mexico has sold more than $14 billion of its foreign reserves since October as it tries to protect its economy in the global financial crisis.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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