SAO PAULO, Aug 6 (Reuters) - Brazil’s central bank on Thursday said it would nearly double the number of currency swaps it offers to roll over expiring contracts, a move that should help support Brazil’s real , currently trading at its weakest level in over twelve years.
The central bank said up to 11,000 contracts would be offered on Friday to roll over contracts expiring Sept. 1, up from the 6,000 swaps it had been offering on a near-daily basis since the start of the month.
Currency swaps are derivatives that support the real by providing investors with protection against currency losses. The Brazilian currency closed Thursday at 3.5354 per dollar and is down nearly 25 percent against the dollar this year. (Reporting by Asher Levine; Editing by Christian Plumb)