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Strategies & Market Trends : Telebras (TBH) & Brazil -- Ignore unavailable to you. Want to Upgrade?

To: Steve Fancy who wrote (8589)	9/28/1998 5:23:00 PM
From: Steve Fancy	Respond to of 22640

Brazil's real stable as dollar flight persists Mon Reuters, Monday, September 28, 1998 at 16:48 SAO PAULO, Sept 28 (Reuters) - Brazil's currency closed unchanged in foreign exchange markets on Monday after the central bank was seen intervening amid continued dollar flight, traders said. Traders said they expected Brazil to lose another $600 million on foreign exchange markets on Monday, for the biggest dollar outflow in two weeks. The real closed unchanged at 1.1845 to the dollar in the commercial forex market. The central bank was seen selling dollars via the state-owned Banco do Brasil to stabilize the currency, according to traders. The Central Bank declined to comment. The real closed unchanged at 1.1865 to the dollar in the floating forex market, while the currency in the parallel market weakened 0.38 percent to 1.325 reais against the dollar. At 1700 local/2000 gmt, some $400 million had left the commercial forex market, according to the Central Bank, while another $50 million had left the floating forex market, according to traders. Traders expected the total to reach $600 million by the time all contracts are added up. Since the beginning of August, Brazil has lost close to $30 billion through its forex markets, draining reserves and putting pressure on the government to devalue its currency. Copyright 1998, Reuters News Service