Reuters: US Dollar Report: Brazil central bank sells 20,000 currency swaps, offers more

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Brazil central bank sells 20,000 currency swaps, offers more Jul 25th 2013, 14:11 RIO DE JANEIRO, July 25 | Thu Jul 25, 2013 10:11am EDT RIO DE JANEIRO, July 25 (Reuters) - Brazil's central bank on Thursday sold 20,000 traditional currency swaps at auction and immediately offered to sell another 20,000 contracts on Friday, propping up the value of the real against the dollar. The auctions are part of the bank's efforts to roll over 114,300 swaps that expire on Aug. 1. With Thursday's sale, the bank has already rolled over 100,000 of those contracts. The swaps auctioned on Thursday and Friday mature on Jan. 2, 2014, the central bank said in a statement. Friday's auction will be held between 1330 and 1340 GMT. Traditional currency swaps are derivative contracts that provide investors with protection against a possible depreciation of the real. The Brazilian currency gained 0.4 percent after the central bank announcements, to 2.2403 per U.S. dollar.

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