Brazil's real falls before swap offer expiration

The Brazilian real fell for the fifth day in six on Tuesday as investors awaited the results of the central bank's securities swap arrangement.

Source: Bloomberg

Brazil's currency fell before the closing today of an offer to swap Brady bonds for new securities as the central bank seeks to cut financing costs and help trim the country's deficit spending.

``Investors are waiting for the swap results, which will be important for Brazil,'' said Ivan Dumont, head of the Treasury desk at Banco Alfa d