The Central Bank of Brazil lowered its benchmark interest rate, the so-called Selic rate, by 50 basis points to 7%, in line with FactSet consensus estimates. The central bank cited economic indicators showing the gradual recovery of the economy, along with the positive global economic outlook as reasons. The Brazilian real rose ahead of the announcement and defended most of its gains. One dollar last bought 3.2354 real, up from 3.2414 real late Tuesday in New York.
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