The spot dollar finished strongly on Thursday in Brazil, swinging 10 real cents for the day, with prices reflecting investors’ dispute over the formation of Ptax, market concerns with the government’s budget and the higher la US currency abroad.
The spot dollar closed the day at 4.9523 reais, up 1.70%. It was the largest percentage advance on the close since Aug. 3, when it rose 1.97%.
On the B3, at 17:08 (Brasilia time), the first futures contract on the dollar rose by 0.58%, to 4.9215 reais.
In the morning part of the impetus was given by the performance of long investors interested in the formation of Ptax.
The Ptax is an exchange rate calculated by the Central Bank on the basis of spot market quotations and serves as a reference for the settlement of futures contracts. At the end of each month, financial agents usually try to steer it towards more convenient levels for their positions, whether these are bought (in the sense of increasing prices) or sold in dollars (in the sense of decreasing prices).
With the entry into force of the Ptax at the end of the month, around 1 pm, the dollar had more freedom to float in Brazil. But the U.S. currency continued to rise, with investors expressing caution about the administration’s 2024 Budget proposal.
Source: Terra
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