Brazil’s real swung between gains and losses a day after the central bank sold $2.2 billion of swap contracts to stem the currency’s two-month selloff.
The real dropped 0.4 percent to 2.1408 per dollar at 10:44 a.m. in Sao Paulo, erasing gains that earlier took it to as strong as 2.1242 per dollar. Yields on interest-rate futures contracts were mixed, with the rate on the benchmark contract due in January climbing two basis points, or 0.02 percentage point, to 8.72 percent.
The central bank’s sale of $2.2 billion in currency swaps yesterday followed the auction of $2.1 billion worth of the contracts the day before that.
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