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MEXICO CITY, May 5 (Reuters) - Mexico’s central bank on Friday sold all of the $200 million it had offered in a renewal of foreign exchange hedges that expire in 62 days, with demand more than three times supply in the auction that aims to support the peso.
The bank sold $1 billion at the start of March in the first of a series of auctions for the hedge contracts, offering maturities ranging from 30 to 360 days. The instruments are similar to non-deliverable forwards that pay in pesos.
The transaction on Friday renews the second tranche of the March auction that offered a weighted exchange rate of 19.6177 pesos per dollar. The new expiration date is July 6.
The peso did not move significantly following the auction, trading at about 19.05 per dollar, or slightly weaker from Thursday.
U.S. President Donald Trump’s surprise November election win sent the peso to a record low as he threatened to rip up the North American Free Trade Agreement, but the peso has since recovered. (Reporting By Miguel Gutierrez; Editing by Chizu Nomiyama and Bernadette Baum)