The intervention of the Central Bank (BC), which operated in the foreign exchange futures market, prevented the dollar from registering yet another record this Thursday (13).
The commercial dollar ended the day sold at R $ 4.336, down R $ 0.015 (-0.35%).
At the high of the day, around 10am, the price touched R $ 4.38. The exchange rate only reversed the movement after BC announced an auction of US $ 1 billion in foreign exchange swap contracts, which are equivalent to the sale of dollars in the futures market.
On Wednesday (12) the dollar exceeded R $ 4.35 and closed at the highest nominal value since the creation of the real.
According to economist Alexandre Cabral, a specialist in the financial market and a professor at Ibmec-SP, a number of domestic and international factors have caused turbulence in the financial market.
One of these factors is the fact that the country's basic interest rate (Selic) is 4.5% per year. As a result, according to Alexandre Cabral, the inflow of dollars into Brazil decreased significantly.
"That money for speculating interest has disappeared. The thick speculative capital that came for fixed income decreased a lot, not that of the stock exchange, that of fixed income, which gained 12% in Brazil, which now gains 4.25%, it decreased a lot, "Cabral told Sputnik Brasil.
In addition to interest rates, another factor that influences the rise in the dollar, according to the economist, is the outbreak of coronavirus in China, Brazil's main trading partner.
"If China slows down growth, our exports feel. Our exports feeling, less dollars come in. If less dollars are going to come in because China is expected to grow less in this first quarter 2020, less flow to Brazil will come in," said Alexandre Cabral.
However, according to the economist, it is likely that until the middle of the year, the Monetary Policy Committee (Copom) will not change the Selic rate.
"I do not believe that in the short term, at least until the middle of the year or the end of the year, he will do something," added Cabral.
(tagsToTranslate) High dollar