Brazil Swap Rates Decline as Price Index Falls; Real Weakens
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Brazil swap rates dropped to a record low after an index that is weighted mostly in producer prices fell more than economists forecast, reducing speculation that the central bank will raise borrowing costs.
Rates on contracts due in January 2014 fell one basis point, or 0.01 percentage point, to 7.32 percent at 3:23 p.m. in Sao Paulo, matching a record low reached on Nov 5. The real depreciated 0.1 percent to 2.0343 per dollar.