Brazil Central Bank Lets Real Rally After $32 Billion Swap Sale


Brazil’s real led gains among major peers as the central bank refrained from weakening the currency after selling $32.3 billion in reverse swaps over the past month.

The real rose 2.4 percent to 3.5322 per dollar on Tuesday, taking a breather from the central bank’s auctions, which are equivalent to buying dollars in the futures market. Beginning March 21, policy makers re-introduced a program created in 2005 to prevent the real’s appreciation from curtailing Brazilian exports. The total outstanding volume of contracts to support the currency tumbled to the lowest level since 2013.

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