Well, the fact that the BCB is attempting to prop up its exchange rate with derivatives is an indication that it's more interested in preserving the comprador class' access to foreign consumer goods than in domestic stability. If the Real is sliding it should let it slide, precisely because it needs to preserve its reserve buffer. It is possible that this all has something to do with the 2014 football world cup and the 2016 olympics. After that, all hell might break loose in the domestic market and the swaps might explode in the BCB's face.

A society committed to the notion that government is always bad will have bad government. And it doesn't have to be that way. — Paul Krugman