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Brazil's central bank holds auction to buy dollars

Fri May 16, 2008 10:57am EDT

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SAO PAULO, May 16 (Reuters) - Brazil's central bank said on Friday 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 0.54 percent stronger at 1.646 per dollar shortly after the announcement, firming for the second straight session.

The central bank has been buying dollars almost daily since October, helping lift Brazil's reserves to about $195 billion. (Reporting by Silvio Cascione; Translated by Todd Benson; Editing by Tom Hals)

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