Reuters: US Dollar Report: Brazil's real falls on policymaker comment

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Brazil's real falls on policymaker comment Jul 3rd 2012, 14:58 SAO PAULO, July 3 | Tue Jul 3, 2012 10:58am EDT SAO PAULO, July 3 (Reuters) - The Brazilian real erased early gains and slid about half a percentage point on Tuesday after a central bank director said policymakers are constantly considering the purchase of dollars on the spot market to mop up excess liquidity. Aldo Mendes, the central bank's director of monetary policy, told local news agency Agencia Estado that weak industrial production figures in Brazil make it more likely the government will want a weaker real to boost exports. The real , which had strengthened to as much as 1.9783 per U.S. dollar earlier in the session, erased all its gains to fall 0.5 percent, to 1.9973. "To say that the central bank may intervene buying dollars and not only selling (currency swaps) caused the market to immediately turn around," said Italo dos Santos from Icap brokerage.

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