Brazil takes measures to strengthen dollar
January 07 , 2011
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Brazil has taken measures to slow the strengthening of its Real –one of the strongest currencies worldwide- against the US dollar, international press reported.
The decision comes days after now President Dilma Rousseff took office and looks to target a practice called “short selling” by increasing reserve requirements for banks, Reuters reported.
Brazil’s decision comes days after Chile intervened to weaken its peso against the US currency. The low dollar has been an constant theme in most fruit exporting nations and is linked to dwindling returns in 2010, FreshFruirPortal.com previously reported.
The Real dropped slightly after the announcement, according to Reuters.
Source: www.freshfruitportal.com
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