By Adriana Brasileiro
Nov. 7 (Bloomberg) -- Brazil's real rose as a recovery in commodity prices lured investors to local assets.
The real rose 1.2 percent to 2.1910 per dollar at 7:58 a.m. New York time, from 2.2182 yesterday. Brazil's currency has lost 29 percent from a nine-year high of 1.5545 per dollar reached on Aug. 1.
``The mood is a bit better today because of a recovery in commodities and advances in stock markets around the world,'' said Paulo Fujisaki, a foreign-exchange strategist at Socopa Corretora in Sao Paulo.
U.S. stock-index futures climbed on bets the government's payrolls report today may give the Federal Reserve more room to reduce interest rates. European stocks rose as higher copper and oil prices buoyed commodity shares.
Yields on local-currency bonds and interest-rate futures contracts rose after inflation was faster than economists forecast.
Brazil's consumer prices as measured by the benchmark IPCA index rose 0.45 percent in October from the previous month, the national statistics agency said. The increase was more than the median estimate of 0.42 percent in a Bloomberg survey of 36 economists.
Annual inflation was 6.41 percent in October, more than the median estimate of 6.40 percent in a Bloomberg survey of 19 economists.
The yield on Brazil's zero-coupon bond due in January 2010 rose 7 basis points, or 0.07 percentage point, to 15.53 percent, according to Banco Votorantim. The yield on Brazil's overnight futures contract for January 2009 delivery fell 1 basis point to 13.74 percent.
To contact the reporter on this story: Adriana Brasileiro in Rio de Janeiro at abrasileiro@bloomberg.net
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