Mexico's central bank will extend its daily auctions of $200 million per day through the end of November to stabilize the badly weakened peso.

The Bank of Mexico said Monday it will also extend the auction of an additional $200 million each time the peso falls by 1 percent or more against the U.S. dollar on the preceding day.

Those measures were originally announced In July. The peso has continued to drop since then, falling to about 17 per dollar on Monday.

The peso has dropped almost 27 percent in value in the last year amid expectations of interest rate hikes in the United States.

Mexico had about $185.5 billion in international reserves as of August, and can also draw on a $70 billion IMF line of credit.