Reuters: US Dollar Report: Brazil rate hikes should limit currency pass-through -minutes

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Brazil rate hikes should limit currency pass-through -minutes Jul 18th 2013, 11:49 BRASILIA, July 18 | Thu Jul 18, 2013 7:49am EDT BRASILIA, July 18 (Reuters) - Interest rate increases should limit the impact of a rapid depreciation of Brazil's currency could have on inflation, according to the minutes of the central bank's last rate-setting meeting released on Thursday. The central bank raised its benchmark interest rate for the third straight time last week, keeping the pace of monetary tightening and signaling more increases ahead. The bank's monetary policy committee unanimously voted to hike the Selic rate by 50 basis points to 8.50 percent in what is considered one of the most aggressive monetary tightening cycles in the world, aimed at snuffing out above-target inflation.

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