The real fell from a four-month high on speculation Brazil will limit gains in the currency after it posted the world’s biggest rally.
The currency depreciated 0.5 percent to 2.1864 per U.S. dollar at 12:51 p.m. in Sao Paulo after rising on Oct. 11 to the strongest level on a closing basis since June 17. Today’s drop was the biggest in a week. Swap rates on the contract maturing in January 2015 climbed two basis points, or 0.02 percentage point, to 10.37 percent.
