Brazil raised the strongest level in more than a year after a statement from G7 countries said short of support to stem the dollar’s slide against major currencies encouraging investors to buy higher assets. It climbed 1.3 percent to 1.7598 per U.S dollar. Rise extended to real gain to 32 percent this year.

Marcelo Portilho said in an interview that G7 lacked a stronger language to stop the dollar weakness or calling for measures to make the dollar a stronger currency again. Dollar has dropped down 13 percent since early March. Group met at the end of a week in which policy makers from France and Canada signaled concern that a sliding dollar risks impending their recoveries from the deepest global recession since World War 2. G7 ministers and central bankers said excess volatility and disorderly movement in exchange rates had adverse implications on economic and financial stability. Jean Claude Trichet President of European Central Bank said some growing countries must allow their currencies to strengthen against euro and dollar. Guido Mantega said Brazil would buy up to $10billion in debt from the international monetary fund turning the country into a net creditor of IMF for the first time. Brazil will tap its foreign reserves to buy the two-year bonds from the IMF special drawing rights with quarterly interest payments based on the weighted average of short term rate in US, Japan and UK.