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Brazil's central bank said Wednesday it would sell dollars directly in the spot market this month to adjust its conventional market operations to meet rising liquidity demand for the first time in more than 10 years.
The central bank said that the sale of the dollar would be accompanied by a reverse currency swap in response to the "current economic environment", but it would not change the central bank's floating exchange rate policy and measures aimed at promoting the normal operation of the market.
The Brazilian real fell 2% to below 4.05 against the dollar on Wednesday for the first time since May, when currency volatility jumped as concerns about the U.S. recession and volatility in the Argentine market undermined Brazilian financial markets.
Brazil's central bank said in a statement that it would sell up to $550 million a day in the spot market on August 21-29 and carry out equivalent reverse currency swaps. The operation will target $3.84 billion in currency swap contracts that expire in October but have not yet been extended.


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