Real surges as central bank announces currency swaps

The Central Bank of Brazil
The Central Bank of Brazil
Central Bank of Brazil

The Brazilian real appreciated sharply on June 8, after the central bank increased its currency swaps and announced it would offer greater support to the currency until June 15.

The real surged by 5.1% to 3.71 against the dollar on June 7, with the Central Bank of Brazil announcing the sale of $20 billion in new currency swaps, designed to halt the currency’s fall. This added to ongoing daily sales of $750 million, which took the total intervention to $24.5 billion over the week.

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