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Brazil Swap Rates Rise as Central Bankers Convene; Real Gains

Brazil’s swap rates climbed on speculation that policy makers convening for a two-day meeting will lift borrowing costs by as much as a half-percentage point for a sixth straight time to curb inflation.

Swap rates on contracts maturing in January 2017 were up for a second consecutive day, rising 12 basis points, or 0.12 percentage point, to 12.37 percent. The real appreciated 0.3 percent to 2.3500 per U.S. dollar, the strongest level this month.