On Tuesday, the Brazilian central bank sold over 3 billion US dollars in the spot market, yet this has not been able to curb the trend of selling the local currency. The sharp decline of the real is pushing up inflation in Latin America's largest economy. That day, the bank initially sold 1.27 billion US dollars, followed by another sale of 2.01 billion US dollars, which narrowed the decline of the local currency but failed to recover all losses. Amid increasing investor concerns over Brazil's rising fiscal deficit, policymakers sold US dollars in the spot market four times in less than a week in an effort to bolster the real.