RIO DE JANEIRO Dec 17 The Brazilian real
weakened early on Monday even as the central bank conducted two
auctions to sell as much as $1.5 billion on the spot market with
The auctions, which aim at providing liquidity to the
foreign exchange market at year-end, were announced late on
Friday, after the currency market had closed.
The real dropped 0.16 percent to 2.0876 per
dollar after the central bank said it had set cutoff r ates o f
2.0975 and 2.1066 per dollar in each auction, with repurchase
dates for Jan. 18 and Feb. 19, respectively.
The central bank has said it stands ready to provide as much
dollars to the market as needed at the end of the year, when
demand for greenbacks can heighten from Brazilians holidaying
abroad and foreign companies remitting profits abroad to boost
their bottom lines.