December 17, 2012 / 12:40 PM / 5 years ago

UPDATE 2-Brazil real weakens even as central bank sells dollars

RIO DE JANEIRO, Dec 17 (Reuters) - The Brazilian real weakened early on Monday even as the central bank conducted two auctions to sell as much as $1.5 billion on the spot market with repurchase agreement.

The auctions, which aim at providing liquidity to the foreign exchange market at year-end, were announced late on Friday, after the currency market had closed.

The real dropped 0.16 percent to 2.0876 per dollar after the central bank said it had set cutoff r ates o f 2.0975 and 2.1066 per dollar in each auction, with repurchase dates for Jan. 18 and Feb. 19, respectively.

The central bank has said it stands ready to provide as much dollars to the market as needed at the end of the year, when demand for greenbacks can heighten from Brazilians holidaying abroad and foreign companies remitting profits abroad to boost their bottom lines.

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