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Brazil real gains past 2/dlr for 1st time since July 2
January 29, 2013 / 11:21 AM / 5 years ago

Brazil real gains past 2/dlr for 1st time since July 2

RIO DE JANEIRO, Jan 29 (Reuters) - The Brazilian real opened 0.4 percent stronger on Tuesday, piercing the level of 2 per dollar which for nearly seven months had been considered the lower limit of an informal trading band imposed by policymakers.

The real last traded at 1.9945 per dollar, 0.32 percent stronger than Monday’s close. The last time it was stronger than 2 per dollar was July 2.

Gains were fueled by signs that the central bank will no longer intervene to keep the real weaker than the 2-per-dollar level as its inflation wariness has grown, taking priority over export stimulation.

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