Gabrielle Coppola & Josue Leonel – Bloomberg, 11/18/2013
The real climbed the most among emerging-market currencies as a planned easing of economic regulations in China, the nation’s biggest trading partner, offset Brazil’s fiscal concern.
The currency appreciated 1.4 percent to 2.2813 per U.S. dollar at 12:46 p.m. in Sao Paulo after declining on Nov. 13 to 2.3341, the weakest level since Sept. 4. Swap rates on contracts maturing in January 2015 fell seven basis points, or 0.07 percentage point, to 10.73 percent.
Brazil sold $496 million of foreign-exchange swaps today as part of a $60 billion intervention program to support the currency and curb import price increases. The real has pared its gain since the program was announced Aug. 22 to 6.6 percent on concern the swelling government budget deficit will lead to a credit rating cut.
Brazil Portal 