The Brazilian real is closing in on the R$2.00 to the US dollar level for the first time since February 2001, in spite of sustained intervention by Brazil’s central bank to prevent the currency from strengthening further.

The currency closed on Monday at a shade over R$2.02 to the dollar before weakening to R$2.03 at mid-session on Wednesday. But analysts say it is only a matter of a few days before the barrier is broken.