Brazil Intervenes Twice to Prop Up Real After Fall to Record

Brazil’s central bank shocked traders by intervening in the foreign exchange market for the first time in three months, selling dollars in two surprise auctions to prop up the real after it slumped to a record low.

The currency pared losses after the second intervention and was down 0.3% on the day as of 4 p.m. in New York. It had weakened as much as 1.2% to a record 4.2765 per dollar after the first auction failed to establish a floor for the currency, which has dropped 9% this year. The central bank didn’t say how much it sold.

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