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Brazil Shares End Higher as Scandal Concerns Ease
Reuters
SAO PAULO — Brazilian shares closed higher on Wednesday as investors relaxed about the potential threat to the country's economic recovery from a Senate inquiry into a currency market scandal, traders said.

Sao Paulo's benchmark Bovespa index closed 2.2 percent higher at 11,127.

"The market calmed down a bit," one trader said. "Yesterday Mauch gave testimony and nothing problematic happened," referring to testimony by a former Central Bank banking supervision director, Claudio Mauch.

On Tuesday, senators investigating the scandal questioned Mauch, but he only reiterated what the panel had already heard from Central Bank president Arminio Fraga.

The Bovespa index has soared since a January currency devaluation made shares cheaper in dollar terms and as investors bet on Brazil's rebound from economic crisis. Recent allegations that the Central Bank leaked information ahead of the mid-January devaluation has stalled the market's rise.

Traders said the forex scandal had cooled somewhat after former Central Bank chief Francisco Lopes refused to testify in front of the Senate, choosing to present his case to legal authorities. Even so, an atmosphere of caution was expected to govern the market while the investigation continued.

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