Brazil central bank announces reverse currency swap auction

SAO PAULO Fri Feb 15, 2013 6:46am EST

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SAO PAULO Feb 15 (Reuters) - Brazil's central bank on Friday offered to sell as many as 27,000 reverse currency swaps, derivative contracts that mimic the purchase of dollars in the futures market and are used by the monetary authority to weaken the real.

The Brazilian currency reversed gains after the announcement to trade at 1.9606 per dollar, 0.21 percent weaker than Thursday's close, after trading near 1.95 per dollar earlier in the session.