Brazil estimated net forex inflow $50 mln--traders
Reuters, Tuesday, November 03, 1998 at 20:55
SAO PAULO, Nov 3 (Reuters) - Brazil's foreign exchange
markets received an estimated net inflow of $50 million on
Tuesday, possibly posting its first net hard currency inflow in
two weeks, traders said.
Expectations of an inflow helped the real strengthen 0.15
percent against the dollar in the commercial forex market,
finishing at 1.1912 to the U.S. currency, they said.
At 1700 local/1900 GMT, forex markets registered a net
inflow of $100 million in the commercial market and a net
outflow of $60 million in the floating market, traders said.
Traders predicted an overall trend of dollar outflows from
Brazil's currency markets would ease this month as fewer
eurobonds and short-term agricultural loans known as "63
Caipiras" came due.
Brazil's capital outflow had already slowed dramatically to
a net $1.89 billion in October from $18.88 billion in
September.
The last daily net inflow was reported on October 20, when
$1.346 billion rolled in due to foreign payments on a
privatized Brazilian asset.
On Tuesday in the floating forex market, the real closed
unchanged at 1.1950 to the dollar while in the parallel market,
the Brazilian currency finished at 1.260, also unchanged from
Friday's close.
Monday was a national holiday.
Copyright 1998, Reuters News Service |
