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Brazil real closes at strongest level since June

SAO PAULO: Brazil's real currency BRBY edged up to 1.758 per dollar on Thursday, closing at its strongest point in more than eight months, thanks to some dollar inflows on the back of direct investment in Brazil.

The Brazilian currency last stood that high against the dollar in June, when it fetched 1.754 per greenback.

"Dollar flow today was moderate but positive," said a trader with a local bank, who put the day's net dollar inflows at $90 million.

Traders said February's trade surplus had helped the real to strengthen from Wednesday's 1.76 per dollar.

Brazil's Development, Industry and Trade Ministry reported Wednesday Brazil posted a trade surplus of $78 million in February compared with a deficit of $94 million in January.

Traders said nearing Carnival celebrations should diminish trading volumes on Friday, the last working day before the five-day jamboree. -Reuters