Reuters: US Dollar Report: Brazil currency rallies 2 pct as government eases dollar inflows

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Brazil currency rallies 2 pct as government eases dollar inflows Jun 5th 2013, 12:16 RIO DE JANEIRO, June 5 | Wed Jun 5, 2013 8:16am EDT RIO DE JANEIRO, June 5 (Reuters) - Brazil's currency, the real, shot up 2 percent early on Wednesday while interest-rate futures fell sharply after the government scrapped a financial tax imposed nearly two years ago to keep speculative capital away from the country. By removing the 6 percent IOF tax from foreign investment into local bonds, the government suddenly boosted the appeal of fixed-income assets in Brazil, increasing expectations of dollar inflows. The real , which had posted strong losses over the past few days, last traded at 2.0998 per dollar, 1.3 percent stronger for the day, after gaining over 2 percent in the first few minutes of trading.

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