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Brazil’s Real Rises as Currency Swap Rollover Offering Increased

Posted on 12 August 2014

Brazil’s real climbed as the central bank signaled that it will sustain support for the currency when it increased the number of foreign-exchange swap contracts offered in a rollover. The real advanced 0.3 percent to 2.2755 per dollar in Sao Paulo. Swap rates, a gauge of expectations for interest-rate moves, fell seven basis points, or 0.07 percentage point, to 11.59 percent on contracts maturing in January 2017.
The central bank extended the maturity on all of the 10,000 currency swap contracts that it offered today, rolling over $494.2 million, compared with 8,000 available in prior daily auctions. The real dropped 1.1 percent last week as turmoil in Iraq sank demand for emerging-market assets……………………………………Full Article: Source


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