Brazilian real rises as US economy cheers investors

30 Oct, 2005

Brazil's currency strengthened on Friday after data showed the US economy grew more than expected in the third quarter, boosting investor optimism.
US grow domestic product expanded 3.8 percent in the third quarter, above forecasts for 3.6pc growth, supported by strong spending from consumers and the government.
The Brazilian real was 0.35 percent stronger at 2.283 per $, after weakening during three straight sessions, as foreign investors' aversion to riskier assets decreased.
It was trimming gains, however, after the central bank offered to buy dollars for the 18th time this month to build up hard currency reserves.

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