Reuters: US Dollar Report: UPDATE 1-Brazil's real has room to strengthen -c.bank director

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UPDATE 1-Brazil's real has room to strengthen -c.bank director Dec 10th 2012, 15:51 Mon Dec 10, 2012 10:51am EST * Real trading below central bank's model * Cenbank prepared to offer liquidity to market * FDI projected to reach over $66 bln in 2012 RIO DE JANEIRO, Dec 10 (Reuters) - Brazil's currency is slightly weaker against the dollar than the level projected by the central bank's model, central bank director Aldo Mendes told a gathering of business leaders in Rio de Janeiro on Monday. "There is a bit of fat there," Mendes said, referring to the dollar's recent strength against the Brazilian real. Mendes said the central bank was prepared to provide necessary liquidity to the foreign exchange market by supplying dollars in the spot market or through derivatives, though it does not have a target for the exchange rate. Foreign direct investment in Brazil will top previous forecasts and end this year at more than $66 billion, Mendes added. The central bank had previously estimated $60 billion in foreign direct investment in Brazil this year. At 1:42 p.m. (1342 GMT), the real was trading 0.59 percent stronger at 2.0780 per U.S. dollar. Link this Share this Digg this Email Reprints

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