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Brazil central bank offers dollars on spot market

Wed Jan 14, 2009 12:42pm EST

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SAO PAULO, Jan 14 (Reuters) - Brazil's central bank said it would hold an auction on Wednesday to sell dollars on the spot foreign exchange market in a bid to add liquidity and meet strong demand for the U.S. currency.

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Brazil's currency, the real (BRBY), was trading 1 percent weaker at 2.352 per dollar shortly after the announcement. The central bank earlier sold $1.276 billion of dollar repurchase agreements aimed at increasing trade finance lines for Brazilian exporters.

Selling dollars from its international reserves is one of the several ways the central bank has sought to supply liquidity to financial markets in recent weeks. (Reporting by Jenifer Correa; Writing by Elzio Barreto, Editing by Chizu Nomiyama)

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