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Brazil Gives In to Surging Currency
Posted on April 8, 2011
BY JOHN LYONS AND TOM LAURICELLA
SÃO PAULO
Brazil appears to be waving the white flag in the currency war.
After months of tough talk to speculators and other governments driving up the Brazilian real, Finance Minister Guido Mantega seems resigned to the fact that there is little he can do to contain the currency’s meteoric rise.
The currency climbed through a key barrier of 1.60 per dollar Thursday, a day after Mr. Mantega unveiled the latest in a string of controls designed to slow the real’s climb. It was trading at 1.59 to the dollar late in the day, up more than 40% since late 2008.