Wednesday, May 16, 2007

Brazil's Real Reaches 6-Year High Amid Speculation of Less Dollar Buying

(Bloomberg) -- Brazil's real gained for a fourth day to a new six-year high on speculation the central bank will reduce efforts to slow the currency's appreciation.

The currency broke through the 2-per-dollar level yesterday for the first time in six years. Over the past two months the central bank bought dollars daily and sold reverse currency swap contracts to cool the rally.


Read more at Bloomberg Currencies News

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