The Brazilian real fell today for seventh session, erasing the previous gains, even amid signs that the central bank is ready to intervene, preventing the currency’s losses.
The real rallied initially after the Central Bank of Brazil offered foreign-exchange swaps to rein the currencyâs drop. The rally did not hold for long and the real retreated as of now. Deputy Finance Minister Nelson Barbosa said yesterday that there is no concern for inflation, leading to speculations that the central bank is in no hurry to raise interest rates.
USD/BRL rose from 2.0048 to 2.0208 as of 17:23 GMT today.
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