Brazilian Real Drops as Central Bank’s Efforts Leave Traders Unconvinced

The Brazilian real dropped today as Forex traders were unsure if the measure taken by the central bank will be enough to support the currency that demonstrates profound weakness.
The Banco Central do Brasil auctioned 10,000 foreign-exchange swaps today. Last week, the central bank indicated that it is going to offer $1 billion of loans every Friday and $500 million worth of currency swaps four times per week for the rest of the year. The efforts were not enough to make the real appealing to currency traders.
USD/BRL advanced from 2.3588 to 2.3879 as of 16:24 GMT today.

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