Brazil’s central bank announced it would sell as much as $3 billion in a spot auction on Thursday, its fourth such intervention this week amid a massive currency selloff.

Brazil's currency faced a choppy market on Monday, opening sharply lower against the U.S. dollar after renewed criticism of interest rate levels by President Luiz Inacio Lula da Silva but paring losses after a central bank intervention.

The steepening sequence of interest-rate increases contrasts with most other central banks, including the U.S. Federal Reserve, which are cutting rates.

Lula da Silva has upped his criticism of the country's worrying interest rates, expressing his serious concern for Brazil's economy.

The recent surge in the dollar and uncertainties regarding inflation and the global economy prompted Brazil's Central Bank to accelerate the pace of interest rate hikes.

Speaking in an interview with TV Globo aired late on Sunday, the leftist leader called the interest rate hikes "irresponsible" and said his government would "take care of that"

Brazilian President Luiz Inacio Lula da Silva slammed what he sees as the country's excessively high interest rates, saying that borrowing costs were "the only thing wrong" with Brazil at the moment.