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Strategies & Market Trends : Telebras (TBH) & Brazil
TBH 0.952-7.6%3:59 PM EST
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To: Bob Howarth who wrote (12221)1/22/1999 9:57:00 AM
From: Steve Fancy  Read Replies (8) of 22640
 
Brazil's real falls back to 1.72/dlr - traders

Reuters, Friday, January 22, 1999 at 07:45

SAO PAULO, Jan 22 (Reuters) - Brazil's real currency swung
back to 1.72 reais per dollar in volatile trade by mid-morning
on Friday, after it earlier firmed on what traders said was
Central Bank intervention.
The real was trading at Thursday's closing level of 1.72 per
dollar by mid-morning, after it opened weaker at 1.74 reais and
temporarily firmed to 1.65 reais following indirect dollar sales
by the Central Bank, traders said.
It was the first time the Central Bank had intervened in the
market to support the real after the currency was floated one
week ago.
The Central Bank stepped into the market via federal bank
Banco do Brasil, traders said. The Central Bank said it had no
comment on the intervention reports.
Market players had been waiting for the Central Bank to
supply dollars after net outflows exceeding $400 million left
the market on Thursday, depleting stocks of the U.S. currency.
Currency traders had also been anxious to see at what
exchange rate the Central Bank would step into the market, after
the Bank announced early this week it would intervene
"occasionally and in a limited fashion."

Copyright 1999, Reuters News Service

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