Mexico auctions off $351 million to bolster peso

Mexico's central bank has auctioned off $351 million in dollar reserves in a bid to stop a decline of the peso.

The central bank sold the dollars at 13.47 pesos. The peso opened Monday at 13.50 to the dollar, but strengthened and was trading at 13.30 after the auction.

The Bank of Mexico started dollar auctions in October after the peso sank to a historic low of 14 to the dollar. The fall was blamed on concerns about the repercussions of the global financial crisis on Mexico's economy.

With the latest sale, the bank has auctioned off more than $15 billion.