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Brazil real loses ground as BM&F futures expire

SAO PAULO: Brazil's real currency BRBY closed slightly weaker on Monday at 1.778 per dollar after Friday's 1.774 as some banks sought greenbacks on the day of Commodities and Futures Exchange's (BM&F) stock index contracts expiry.

"Some banks had long positions on BM&F futures and at the end of the day had to buy some dollars to balance their positions," said a trader with a local bank.

High crude oil prices have also been making foreign exchange traders nervous in recent sessions. The Brazilian government Friday said it would raise the price of gas and diesel oil at the refineries by 7 percent due to sharp rises in international markets.-Reuters