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Brazil's Real Appreciates 34% Against Dollar In 2009

RIO DE JANEIRO (Dow Jones)--Brazil's real appreciated by 34% against the U.S. dollar during 2009 as foreign investment flooded into the fast-recovering South American economy.

Sao Paulo-based consultant firm Economatica said the real's annual appreciation against the greenback was its strongest since the Brazilian currency was introduced in 1994.

Wednesday was the last trading session of the year in Brazil's forex market.

The real closed at BRL1.7430 to the dollar in trading on the Brazilian Mercantile and Futures Exchange.

Traders earlier said they had expected a volatile session Wednesday with investors jockeying to influence monthly foreign exchange futures contract rates, but trading turned out be calm and there was little volatility.

The most actively traded contract, that of January 2011, closed at 10.50%, higher than Tuesday's close at 10.44%.

The contracts reflect investor expectations about annualized interest rates at future dates.

Brazilian financial markets will be closed Thursday and Friday for the New Year break.

-By John Kolodziejski, Dow Jones Newswires

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