The Brazilian real declined today on the speculations that the central bank may start selling the currency for the dollars for the first time in more than a year.

The central bank needs to curb the real’s gains and protect the nation’s exporters after the currency appreciated 6.2 percent in the last two months and the current account deficit grew. The bank already has intervened previously, but that wasn’t enough to stop the currency’s rally.

USD/BRL traded at 1.7685 as of 8:24 GMT after opening at 1.7665 and falling as low as 1.7625.

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