Real strengthens as Brazilian cb intervenes
Brazil's real rose for a third day after yesterday's central bank sale of securities used to insure against its decline raised the cost to investors of betting it will fall.
Brazil's real gained 0.6 percent to 2.8975 per dollar in Sao Paulo at 12:17 p.m. New York time from yesterday's three-week closing high. The real has gained 22 percent this year, the best performance of the 16 most traded currencies.
Investors, primarily bank Treasury desks, have more bets the real will fall
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