Brazil sells dollars as real falls to record low
Currency declines 11.3% against dollar since July, as central bank cuts interest rates by 150bp to new low of 5%
The Central Bank of Brazil (BCB) intervened in the foreign exchange market on November 26 to support the real, which fell to a new record low against the dollar.
The currency declined to 4.277 on November 25, following comments by finance minister Paulo Guedes that a weaker real was not a source of concern and merely reflected lower interest rates.
Since July 19, the real has depreciated by 11.3% against the dollar and was trading around 4.25 per dollar on November 27. During this period, the
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