Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 1.045

-10.7%

Nov 13 3:59 PM EST

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To: Steve Fancy who wrote (12177)	1/21/1999 3:28:00 PM
From: Steve Fancy	Read Replies (1) of 22640

Brazil real closes 7.6 pct weaker at 1.72/dlr Reuters, Thursday, January 21, 1999 at 15:03 SAO PAULO, Jan 21 (Reuters) - Brazil's real currency slumped 7.6 percent against the dollar in volatile trade Thursday to close at 1.72 to the dollar, traders said. The currency extended already sharp losses on concern capital flight is draining the market's dollar inventories and amid speculation that Brazil's woes could spread to other countries. The real has fallen in value by 29.6 percent since last week. Steady dollar outflows of more than $300 million a day sparked concern that the stock of dollars held by banks will eventually dry up. Traders said they expect dollar outflows to reach $400 million Thursday once all operations are added up. As of 1745 local/1945 GMT, a net $196 million had flowed out of forex markets. The Central Bank announced Monday that it will no longer intervene in the forex market to defend the real, letting it float freely against the dollar instead. In the commercial forex market the real closed 7.6 percent weaker at 1.76 to the dollar. In the floating forex market, the real weakened 10 percent to 1.80 to the dollar and in the parallel market the real slumped 9.44 percent to 1.8 per dollar. Copyright 1999, Reuters News Service

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