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Strategies & Market Trends : Telebras (TBH) & Brazil
TBH 1.090+3.8%Nov 14 9:30 AM EST
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To: Tony van Werkhooven who wrote (12140)1/21/1999 11:12:00 AM
From: Steve Fancy  Read Replies (5) of 22640
 
Brazil's real slumps 6.5 pct to 1.70/dlr

Reuters, Thursday, January 21, 1999 at 11:02

SAO PAULO, Jan 21 (Reuters) - Brazil's embattled currency
took another hit in morning trade on Thursday, tumbling 6.5
percent against the U.S. dollar as persistent capital flight
drains the country's private dollar stock, traders said.
"We're seeing $300 million leave the country every day, and
the Central Bank isn't intervening with reserves any more," a
fixed-income trader at Unibanco said. "The market has run out
of dollars."



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