Brazil's real weakens Wednesday on dollar outflows
Reuters, Wednesday, September 16, 1998 at 16:59
SAO PAULO, Sept 16 (Reuters) - Brazil's currency weakened
0.04 percent on Wednesday on another day of dollar outflows,
dealers said.
The real closed at 1.1801 reais against the dollar as the
U.S. currency continued to flow out of Brazil. Though outflows
from the foreign exchange markets have slowed in the last
couple of days, there is still pressure on the real, traders
said.
"Despite the reduction in volume of dollar outflows, there
should still be daily deficits for some time to come," one
trader said.
Brazil is expected to lose another $500 million Wednesday,
down from last week's average outflows of about $1.5 billion,
but still a sign that money is leaving the country. At 1700
local/1600 EDT/2000 GMT, some $319 million had left the forex
markets.
In the floating market, the currency closed unchanged at
1.1831 reais against the dollar and, in the parallel market, it
strengthened 1.17 percent to close at 1.270 reais against the
dollar.
Copyright 1998, Reuters News Service |
