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Real Advances as Central Bank Intervenes

June 18, 2013 at 16:59 by Vladimir Vyun

A heap of Brazilian real billsThe Brazilian central bank had to intervene to prevent excessive losses of the real. As a result, the currency rallied today.

The Central Bank of Brazil sold $4.5 billion on the auction today. Governor Alexandre Tombini said that the central bank will use any tools available, including selling dollars, to reduce volatility of the exchange rate. The intervention helped the currency, which was also rising as the government was loosening capital controls.

USD/BRL fell from 2.1708 to 2.1629 as of 17:00 GMT today after rising to 2.1857 earlier.

If you have any questions, comments, or opinions regarding the Brazilian Real, feel free to post them using the commentary form below.

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