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Sovereign Wealth Funds Briefing - Categorized | Financials, Market, Reserve Currencies

Brazilian wealth fund may help stem currency rally, ICAP says

Posted on 21 September 2010

From Bloomberg: Brazil’s plan to step up dollar purchases in the local foreign-exchange market through its wealth fund may stem a rally in the real before a $78 billion share sale by Petroleo Brasileiro SA planned for this week, according to ICAP Plc’s Brazilian unit.
President Luiz Inacio Lula da Silva yesterday authorized the country’s 17.9 billion reais ($10.3 billion) wealth fund to buy an unlimited amount of dollars for reais. The real has gained 34 percent since the beginning of 2009, the second-best performance among 16 major currencies tracked by Bloomberg……………………………………….Full Article: Source


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