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Brazil Real Snaps Six-Day Winning Streak After Dollar Purchases

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Dec. 7 (Bloomberg) -- Brazil’s real fell for the first time in seven days after the central bank twice bought dollars in the spot market to stem the currency’s advance.

The real weakened 0.4 percent to 1.6818 per dollar at 3 p.m. New York time, from 1.6749 yesterday. The currency last depreciated against the dollar on Nov. 26.

The two rounds of dollar purchases helped fuel the real’s decline, said Silvio Campos Neto, chief economist with Banco Schahin SA in Sao Paulo. The central bank, which buys dollars daily, last did so twice in the same day on Nov. 10, according to data compiled by Bloomberg.

“The central bank showed the markets that it intended to limit the appreciation of the real,” he said in a phone interview.

The yield on Brazil’s interest-rate futures contract due in January 2012 was unchanged at 12.04 percent.

To contact the reporter on this story: Ben Bain in New York at bbain2@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos in New York at papadopoulous@bloomberg.net

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