Brazilian real rally set to come to an end

- FX Markets Staff
- @FXMarkets_
- 30 Jun 2003

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The Brazilian central bank sold $652.9 million in dollar-linked debt last Thursday (June 26), less than usual in its weekly debt auction. That sent the real to 2.9 per dollar, but analysts said the currency is likely to weaken.

The real began the year trading at around 3.55 per dollar but has rallied to its current level of 2.9 on the back of the relative success of president Inacio Lula da Silva (Lula), who was elected in October 2002. Lula swept aside fears that he would be unable to manage

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