Brazil c.bank weakens genuine with second dollar proposal

Thu Apr 15, 2010 3:21pm EDT Related News Brazilian stocks, banking organisation on risk appetiteWed, Apr fourteen 2010Brazil executive bank calls auction to buy dollarsMon, Apr twelve 2010Brazil executive bank calls auction to buy dollarsFri, Apr 9 2010Brazil bonds gain, but genuine slips opposite dollarThu, Apr 8 2010Brazil bonds strike 22-month high on tellurian dataThu, Apr 1 2010 Stocks & &

(Recasts, adds 2nd dollar auction, comments)

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SAO PAULO, Apr fifteen (Reuters) - Brazil"s genuine fell onThursday after the executive bank called a second auction to soakup the supply of U.S. dollars, stepping up efforts to tame theLatin American currency"s gains.

Dealers pronounced the move -- the initial time in roughly threeyears that the bank has hold dual such auctions on the same day-- stirred investors to take increase on gains progressing in thesession.

The genuine (BRBY) lost 0.3 percent to 1.754 per U.S. dollarafter the executive bank announcement. It had strengthened nearly0.7 percent progressing in the day.

Traders pronounced the move signaled policymakers" eagerness tocurb gains that could mistreat internal exporters and could preventinvestors from augmenting bets on serve gains in thecurrency.

"Definitely they don"t wish the genuine gaining as well fast below1.74-1.75," pronounced Pedro Tuesta, comparison Latin America economistat investigate organisation 4Cast Inc in Washington. "This will scarethose people prolonged on the real."

A prolonged on all sides on the genuine is a gamble the banking willstrengthen serve opposite the dollar.

Brazil"s benchmark Bovespa batch index .BVSP forsaken 0.4percent to 70,705.74 as renewed concerns about Greece"s debtcrisis led to warning between investors. (Reporting by Elzio Barreto; modifying by Patrick Graham)

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