Brazil real weakens 1 pct as traders fight over month-end rate
RIO DE JANEIRO
RIO DE JANEIRO Nov 29 (Reuters) - The Brazilian real briefly weakened 1 percent on Thursday as traders tried to obtain a favorable month-end Ptax -- an official exchange rate which is used to settle everything from export payments to foreign loans.
Some investors also pushed the real lower to test the central bank's tolerance to a weaker exchange rate. Last week, the bank intervened to halt the currency's slide when the real neared the level of 2.12 per dollar.
The real last traded 0.8 percent weaker at 2.1070 per dollar, minutes after weakening to as much as 2.1104 per greenback.
- Six killed, including four children, in Houston-area shooting |
- Palestinian death toll rises to 74 as Israel hits Gaza over rocket fire |
- Anger mounts as Germany unearths second U.S. spy suspect
- Exclusive: Iraq tells U.N. that 'terrorist groups' seized nuclear materials
- Portugal woes sink European stocks