Mexico's peso weakens to record low, rebounds

Mexican peso weakens to record low before rebounding slightly amid falling exports to US

Mexico's peso dipped to a record low against the U.S. dollar on Monday before rebounding slightly.

The currency slipped 2 percent to 14.57 before rising again to 14.47 by Monday evening.

The peso has lost 45 percent of its value against the dollar since August, even as Mexico's central bank has sold more than $15 billion in foreign reserves.

Mexico sends 80 percent of its exports to the U.S., where a recession has slashed demand for its goods and reduced work for migrants who send dollars home.

Mexico's economy shrank at a yearly rate of 1 percent last quarter. The central bank cut interest rates for the first time since 2006 to boost growth, but the move also lowered the appeal of peso-bonds.