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SAO PAULO (Reuters) – The Brazilian central bank has no target level intended for its local currency and no plans to change its daily forex intervention program, a member of the government’s economic team told Reuters on Wednesday.
An initial partial sale of currency swaps – derivatives that provide hedges against currency losses – raised speculation on Wednesday that Brazilian policymakers could become less aggressive in their currency intervention as the real climbed to four-month highs.
(Reporting by Patricia Duarte; Writing by Alonso Soto; Editing by Chris Reese)
