The Brazilian central bank has raised $503.6 million through a reverse swap auction, The Wall Street Journal reports. The bank sold 10,200 contracts out of the 20,000 contracts offered at the auction. Three contracts, including two maturing in 2011 and one due in 2012, were offered by the bank. Reverse swap auctions allow investors to exchange futures positions in the U.S. dollar for positions tied to domestic interest rates.

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