(October 13, 2008)--The Mexican peso was rebounding Monday after taking a beating in the global financial crisis.
Mexico's central bank said the peso gained about 5 percent to 12.4 per dollar on news of coordinated European and U.S. attempts to rescue the banking system.
The peso opened at about 12.8 per dollar Monday.
On Friday, the bank auctioned $6.4 billion in foreign currency reserves to help the currency.
The central bank put another $400 million in foreign reserves up for auction Monday, but there were no bidders as the peso rallied.
The peso declined by 20 percent last week, falling more against the greenback than any currency other than the Australian dollar.
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