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Brazil to offer dollar repos in Tuesday auctions

Mon Dec 29, 2008 9:19am EST

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SAO PAULO, Dec 29 (Reuters) - Brazil's central bank said on Monday it will offer dollar repurchase agreements in three separate auctions on Tuesday, its latest bid to meet a surge in demand for the U.S. currency.

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Brazil's currency, the real (BRBY), traded 0.6 percent weaker at 2.385 per U.S. dollar shortly after the announcement. The bank, which didn't say how many repos it will offer, said it will buy back the dollars on Feb. 2, March 2 and April 1 of next year.

The central bank has offered dollar repos, foreign currency swaps and trade lines in dollars to ease a liquidity crunch in the foreign exchange market.

(Reporting by Jenifer Correa, Writing by Elzio Barreto, Editing by Chizu Nomiyama)

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