SAO PAULO, Nov 9 (Reuters) - Brazilian stocks rose in early trading on Monday as investors took heart from assurances that G20 nations would keep fiscal and monetary stimuli in place until a global economic recovery gains steam.

At the weekend G20 meeting finance ministers and central bankers agreed to keep up the special recession-fighting measures until the recovery was assured. [ID:nL7204184].

"For the markets, that means the following: There's liquidity around, so let's use it," said Newton Rosa, an economist with SulAmerica Investimentos. "That's feeding today's highs."

Brazil's benchmark Bovespa index .BVSP rose 1.55 percent to 65,462.85 in morning trading, reaching its highest point in intraday trading in two weeks.

Brazil's currency, the real (BRBY: Quote, Profile, Research), strengthened 0.76 percent to 1.706 per dollar, testing the psychologically significant 1.7-per-dollar barrier as the greenback weakened against a basket of major currencies .DXY.

The currency has gained about 37 percent so far in 2009 as dollars have poured into Brazil, where growth resumed in the second quarter ahead of many developed economies.

Commodities gained on the back of the weakened dollar, as well. The 19-commodity Reuters-Jefferies index .CRB rose 0.86 percent. Crude oil CLc1 added 1.49 percent, buoyed not only by the lower dollar but also the closure of U.S. oil and gas facilities in the path of Hurricane Ida. [ID:nN09241473]

The gains in commodities boosted heavyweight Brazilian stocks, including Petrobras and Vale, the Bovespa index's most heavily-weighted stocks.

State-controlled energy giant Petrobras (PETR4.SA: Quote, Profile, Research) climbed 1.66 percent to 36.65 reais. Mining company Vale (VALE5.SA: Quote, Profile, Research), the world's largest iron ore producer, advanced 1.8 percent to 42.36 reais.