By Valerie Rota
Oct. 29 (Bloomberg) -- Mexico's peso advanced for a second day on speculation the Federal Reserve will cut its key lending rate today to shore up growth in the world's largest economy.
Mexico's peso gained 0.8 percent to 12.9398 per U.S. dollar at 9:57 a.m. New York time, from 13.0405 yesterday. It touched 12.8694, its strongest in more than a week.
The Fed will cut its benchmark interest rate by half a percentage point to 1 percent today, according to the median forecast of economists surveyed by Bloomberg. The Fed is scheduled to announce its rate decision at about 2:15 p.m. in Washington.
To contact the reporter on this story: Valerie Rota in Mexico City at vrota1@bloomberg.net.
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