UPDATE 1-Brazil central bank cuts rate to low of 12 pct

(Updates to close)

BRASILIA, June 6 (Reuters) - Brazil's central bank cut its benchmark lending rate <BRCBMP=ECI> to an all-time low of 12 percent from 12.5 percent on Wednesday, making the largest cut in several months as gains in the currency ease inflationary pressures.

The bank's monetary policy directors voted 5 to 2 for the half-percentage-point cut, which extended a 22-month rate easing cycle, the longest in Brazil's history.

Two directors wanted a smaller 25-basis-point cut.

In a brief statement, the bank said it made the reduction "evaluating the macroeconomic scenario and the perspectives for inflation."

The decision was expected, with 17 of 25 economists polled by Reuters predicting the central bank would cut the benchmark Selic rate by a half-percentage point.

The bank's monetary policy directors lowered the Selic by 0.25 percentage points in each of three previous meetings this year and called for cautious rate cuts to keep inflation under control.

But a steady rally in Brazil's currency, the real BRBY, has further eased inflationary pressures by lowering the cost of imports priced in U.S. dollars.

Brazil's real has gained nearly 20 percent against the dollar so far this year.