Brazil forex mkts lose $80 mln, real firms-traders
Reuters, Wednesday, November 11, 1998 at 14:35
SAO PAULO, Nov 11 (Reuters) - Brazil's foreign exchange
markets were stable Wednesday, as the currency strengthened
slightly and a moderate net $80 million left the country,
according to preliminary traders' estimates.
The real firmed 0.10 percent to 1.19 against the dollar in
the commercial forex market as another day of small dollar
outflows was projected.
Russia's currency devaluation sparked a flood of capital
flight that topped $30 billion in Brazil between August and
September.
The government's recently-announced austerity plan has
stabilized the market on optimism it will be able to stave off
a financial crisis and devaluation.
As of 1700 local time/1900 GMT, some $112 million had left
Brazil through the commercial forex market, according to the
Central Bank, and another $54 million had left through the
floating forex market, traders said. More inflows were expected
to offset the outflows as later operations were registered.
The currency strengthened 0.02 percent to 1.1970 reais
against the dollar in the floating forex market and closed
unchanged in the parallel forex market at 1.26 reais to the
dollar.
Copyright 1998, Reuters News Service |
