Peso sags as Mexico lets it float on market

The Mexican peso fell about 30 percent against the dollar Thursday following a decision by the central bank to allow the currency to float freely.

The peso has been under pressure for a year, and its fall was no surprise in view of Mexico's $11 billion balance-of-payments deficit and 28 percent inflation rate last year, as well as the recent drop in its oil revenues due to the world glut.