FX : Brazil's Real Opens Flat At BRL1.865 To Dollar
The real opened at BRL1.865 to the dollar in trading on the Brazilian Mercantile and Futures Exchange, or BM&F, exactly the same as Thursday's close.
The main focus for Brazil's foreign exchange market Friday is the usual month-end battle over the Ptax, the average daily foreign-exchange rate used to settle futures contracts.
Traders said they expected a volatile session Friday because the Ptax tug-of-war.
The investor arm-wrestle over the Ptax for Sept. 1 is credited with a 1.85% appreciation of the dollar against the real in the last four trading sessions, traders said.
Investors appeared to be unfazed over fears of a more prolonged economic slowdown in China and the United States, which would normally weaken the real.
-By John Kolodziejski, Dow Jones Newswires; 55-21-2586-6086; john.kolodziejski@dowjones.com
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