Reuters: US Dollar Report: Brazil's central bank says to auction reverse currency swaps

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Brazil's central bank says to auction reverse currency swaps Oct 25th 2012, 11:34 SAO PAULO | Thu Oct 25, 2012 7:34am EDT SAO PAULO Oct 25 (Reuters) - Brazil's central bank offered on Thursday to sell up to 30,000 contracts for reverse currency swaps as part of its strategy to prevent the Brazilian currency from gaining past 2 reais per dollar. Reverse currency swaps are derivative contracts that emulate the purchase of dollars in the futures market. The real traded nearly unchanged after the announcement, weakening 0.02 percent to 2.0252 per U.S. dollar.

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