Central Bank Sells US$3 Billion of Reserves to Counter Bullish Dollar

The US currency hit R$4.80 on Monday morning amid an oil crisis that dropped as much as 30 percent; in the afternoon, another dollar auction was held.

RIO DE JANEIRO, BRAZIL - On Monday, March 9th, the Central Bank announced that it sold US$3 billion on demand from its international reserves to try to contain the soaring dollar as the price of oil tumbled. The US currency hit R$4.80 before the bank's action.

Early in the morning, the Central Bank canceled the US$1 billion auction projected and increased the value to . . .

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