By Jeffrey T. Lewis 

SAO PAULO--Brazilian shares rose Tuesday, following world markets higher as investors' attention turned to the Federal Reserve's policy meeting, and the real strengthened against the dollar.

The Ibovespa stocks index climbed 1.1% to 53702 points. The real exited active trading at 3.0912 to the dollar, according to Tullett Prebon via FactSet, after closing at 3.1266 on Monday.

Uncertainty about Greece's ability to renegotiate its debt payments had dragged world-equity markets lower in recent days amid concern the country might default and be forced out of the euro common currency.

That concern remains, analysts said, but investors are starting to look more closely at the Federal Reserve's monetary-policy meeting, which started Tuesday and ends Wednesday. The Fed isn't expected to start raising interest rates yet, but markets will be looking for hints about when the bank will finally make a move.

Many of the most heavily weighted companies in the Ibovespa rose Tuesday. State-controlled oil company Petroleo Brasileiro SA, or Petrobras, gained 2.8% to 13.35 reais, and state-controlled lender Banco do Brasil SA advanced 3.3% to 23.21 reais.

Private sector banks Itau Unibanco Holding SA and Banco Bradesco also rose, with Itau closing up 3.5% to 34.55 reais and Bradesco climbing 1.6% to 27.15 reais.

Several Brazilian retailers declined Tuesday after the country's statistics agency reported that retail sales unexpectedly fell in April from March as shoppers cut back on big-ticket purchases. Cosmetics maker Natura Cosmeticos SA retreated 2.6% to 27.67 reais and clothing retailer Cia Hering SA fell 1.7% to 12.17 reais.

Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com

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