Published by Jamie JemmesonForeign exchange dealers pushed the Brazilian real to its highest level in three months after the central bank announced an unexpectedly large interest rate hike.The currency had appreciated 1.2 per cent by mid-afternoon in New York, having earlier touched its strongest intraday level since January 11th.In an announcement yesterday, the central bank announced a 75 basis point hike to the Selic rate, lifting it from its record low of 8.75 per cent.The move was anticipated by less than half of the analysts polled by Bloomberg, with the majority expecting a half-point raise; one forecaster predicted a full-point hike.In a note to clients this morning, Aloisio Teles, co-head of emerging market trading at Nomura Securities International Inc. in New York, said: "Brazil is now the best carry in the world. The real will be a magnet of fast money."Yesterday, data from Brazilian firm BM&FBovespa showed that forex dealers are in their most bullish mood on the real in more than two years.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site