11.   Speculation has mounted in recent weeks that Brazil would be forced to devalue the real to reduce a current account deficit.

12.   Still, the central bank has maintained its policy of gradually devaluing the real to keep pace with inflation, arguing that exporters should boost efficiency to compete.

13.   The central bank, however, has repeatedly said it will not devalue the real, which it considers the anchor of a three-year stabilization plan.

14.   The move is part of a long-term policy to slowly devalue the real against the dollar.

15.   Yesterday, shares across Latin America slumped on speculation that Brazil may be forced to devalue the real.

16.   Brazil, hit badly by global financial market nerves, took steps to devalue the real to stem a heavy outflow of currency reserves.

17.   Speculators were betting the government would be forced to devalue the real.

18.   The dollar faced more downward pressure from Latin America, where speculation grew that Brazil was preparing to devalue the real.