Reuters: US Dollar Report: Brazil central bank calls FX swap auction; real erases losses

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Brazil central bank calls FX swap auction; real erases losses Jul 25th 2013, 12:51 RIO DE JANEIRO, July 25 | Thu Jul 25, 2013 8:51am EDT RIO DE JANEIRO, July 25 (Reuters) - Brazil's central bank offered to sell as many as 20,000 traditional currency swaps on Thursday, continuing with its efforts to roll over 114,300 contracts that expire on Aug. 1. The new contracts expire on Jan 2, 2014 and will be auctioned between 1330 GMT and 1340 GMT, the central bank said in a statement. Policymakers have used the contracts, which offer investors protection against a further weakening of the real, to cushion a currency depreciation that has added to inflation pressures in Latin America's largest economy. The real erased early losses and gained 0.2 percent after the swap announcement, to 2.2453 per dollar.

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