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Brazilian central bank intervenes as real's slide deepens, down 7% this year

Section: Daily Dispatches

By Jamie McGeever
Reuters
Saturday, February 24, 2021

BRASILIA -- Brazil's central bank twice waded into the spot currency market on Friday, selling a total of $1.545 billion as the real slid further against the dollar to cement its status as one of the world's worst-performing currencies this year.

The central bank's action brought its total intervention over the past 24 hours to $3.08 billion, following two spot dollar sales on Thursday, the first this year.

... Dispatch continues below ...



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Traders said Brazilian markets had suffered in a global move to reduce risk exposure against a backdrop of surging bond yields, and that the central bank's action was simply aimed at meeting strong demand for dollars.

The real traded through 5.60 per dollar for the first time in almost four months, bringing its year-to-date losses to more than 7%. ...

... For the remainder of the report:

https://www.reuters.com/article/us-brazil-forex-intervention/brazil-cenb...

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