Brazilian Real Continues To Slide

Brazil’s currency the real has continued to slide from its four and a half year high after finally weakening following continuous intervention by the central bank to absorb excess dollars from the market. The real fell for two consecutive days, closing down 1.32% at 2.224 reais against the US dollar yesterday, Thursday. The central bank has been auctioning currency swap contracts since November in attempts to halt the rise of the real. The most recent auction was Thursday.