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Markets

Brazil central bank intervenes in spot FX market, sells $530 million

  • Policymakers had said last month they would intervene if the market was unable to absorb expected year-end outflows as local banks unwound their so-called overhedge position.
29 Dec 2020

BRASILIA: Brazil's central bank intervened in the spot foreign exchange market on Monday, selling $530 million to ease downward pressure on the real that had pushed the local currency to a one-month low against the U.S. dollar.

The sale came after the greenback traded above 5.30 reais.

Policymakers had said last month they would intervene if the market was unable to absorb expected year-end outflows as local banks unwound their so-called overhedge position, and Economy Minister Paulo Guedes said the real's equilibrium level is probably closer to 5.00 per dollar.