Brazil Real Advances as Impeachment Drive Overcomes Intervention

The real strengthened 0.4 percent to 3.4639 per dollar at 9:30 a.m. in Sao Paulo as the monetary authority announced it would offer 20,000 reverse swaps, a move that’s equivalent to buying $1 billion in the futures market. In March, central bank policy makers re-introduced a program created in 2005 that aims to limit the real’s appreciation from curtailing exports. Policy makers have since sold $38.4 billion of reverse swap contracts, the equivalent of buying dollars in the futures market.

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