SAO PAULO (Reuters) – The dollar seesaw continued on Tuesday, with the US currency suddenly picking up steam after quickly zeroing in on gains in the early afternoon. The currency spent the entire second half of the morning on a high, following a falling open.
The dollar in cash rose 0.34%, to 5.4661 reais, at 12:35 pm. A little while ago, it reached zero discharge. At the most, the price was 5.4759 reais (+0.54%), after dropping to a low of 5.4243 reais (-0.41%) soon after the start of business.
The dollar failed to sustain a firmer fall even after the significant recent highs that brought the currency to highs since April and brought the rate of the first maturity in the futures market closer to the psychological mark of 5.5000 reais.
This Tuesday, the shorter dollar futures hit 5.4960 reais, equaling the peak of May 4th.
The demand for dollars also drew attention even after the Central Bank announced a “ration” of traditional foreign exchange swaps (twice a week) to provide liquidity to the market amid the search for currency related to the dismantling of a currency protection mechanism for banks (“overhedge”).
The domestic field still inspired care, with markets attentive to developments in the government’s economic agenda of news involving offshores from the minister of the economy, Paulo Guedes, and the president of the BC, Roberto Campos Neto.
Outside, the dollar rose against a basket of rivals from rich countries and emerging currencies.
(By José de Castro)
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