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Brazil's central bank holds auction to buy dollars

Tue Dec 4, 2007 8:56am EST

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SAO PAULO, Dec 4 (Reuters) - Brazil's central bank said on Tuesday it would hold an auction to buy dollars on the spot foreign exchange market as part of an ongoing effort to boost international reserves.

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The Brazilian real (BRBY) was nearly 2 percent weaker at 1.829 per U.S. dollar shortly after the announcement.

The bank resumed buying dollars in early October after a two-month hiatus from the currency market. It had previously bought greenbacks daily for months, helping lift Brazil's reserves to a record of over $176 billion. (Reporting by Silvio Cascione; Translated by Elzio Barreto; Editing by James Dalgleish)

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