Mexico peso climbs to 3-month high; stocks fall

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MEXICO CITY, April 7 (Reuters) - Mexico's peso hit a three-month high on Tuesday, supported by expectations that international credit lines would reduce currency volatility, while stocks fell on concerns of a weak earnings season.

The peso MXN= MEX01 firmed 0.98 percent to 13.483 per dollar at the central bank's final reference, its strongest local close since Jan. 8.

The currency has rallied nearly 15 percent from a 16-year low hit on March 9.

"The momentum has shifted," said Francisco Diez, director of emerging markets trading at RBC Capital Markets in New York. "There will be less apprehension about being long in pesos."

Last week, Mexico secured a potential $47 billion credit line from the International Monetary Fund on top of a $30 billion swap line with the U.S. Federal Reserve that the central bank will begin auctioning later this month to indirectly provide liquidity to Mexican companies having trouble financing dollar debts.

"These resources are an effective anchor for the peso," wrote ING economist Salvador Moreno in a report.

In stock trading, the IPC stock index .MXX fell for the second straight day, shedding 0.88 percent to 20,623.42.

Investors braced for what is expected to be another dismal earnings season, starting with U.S. aluminum producer Alcoa Inc (AA.N) after Tuesday's close.