Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.952

-7.6%

Nov 10 3:59 PM EST

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To: Steve Fancy who wrote (8749)	10/2/1998 1:04:00 PM
From: Steve Fancy	Read Replies (2) of 22640

Brazil's forex markets seen losing $400 mln Friday Reuters, Friday, October 02, 1998 at 12:20 SAO PAULO, Oct 2 (Reuters) - Brazil was seen losing $400 million through its foreign exchange markets Friday, traders said. Just a day after Brazil registered its second-biggest net dollar inflow in history of $2.786 billion, the nation's forex markets were seen losing money again. "The expectation is that flows revert to registering deficits as in recent days," one trader said. A big interest rate hike to almost 50 percent slowed dollar flight to about $500 million a day at the end of September. Before that, some $1.5 billion was fleeing Brazil every day, draining reserves and putting pressure on the currency. Including Thursday's net inflows, a net $28 billion has left Brazil through forex markets since the beginning of August. Copyright 1998, Reuters News Service

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