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Brazilian currency and stocks rose on Friday after the government posted a record primary budget surplus for March, soothing investor fears about its fiscal woes, traders said.
In the currency market, Brazil's realrose 0.6 percent to 2.91 per greenback, helped by strong dollar inflows.
Traders said there were also fewer worries about a possible rise in US interest rates, which J.P. Morgan said earlier could compound the problems of investing in Brazil.
The Sao Paulo Stock Exchange's benchmark Bovespa index, rose 2.1 percent to 21,590.5 points. But it still finished the week 0.8 percent lower after falling on fears that followed reports from a few investment banks, such as J.P. Morgan, that cited worries about the country's fiscal situation.
"The fiscal number was very good and it should contain worries brought up by J.P. Morgan," said Roberto Dantas, head of stocks at Banco Schahin in Sao Paulo.
Traders pointed out a recovery in steel and mining sector stocks and federal power holding company Eletrobras, which had been hit by the removal of its president earlier this week for political reasons.
Alvaro Bandeira, chief economist at Agora Senior, a brokerage in Sao Paulo, said the market had already priced in an eventual increase in US rates.

Copyright Reuters, 2004

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