Mexico's peso hits 7-week low, stocks slump on America Movil

MEXICO CITY Mon Feb 25, 2013 4:17pm EST

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MEXICO CITY Feb 25 (Reuters) - Mexico's peso slumped on Monday to its weakest level in seven weeks and stocks fell to their lowest since late December, tracking a steep drop on Wall Street.

The peso shed 0.81 percent to 12.8135 per dollar while the IPC stock index closed down 0.86 percent at 43,497.20.

Shares in billionaire Carlos Slim's telecommunications firm America Movil, which make up about a quarter of the IPC, lost more than 2 percent to close at its lowest since August 2011.