Brazil: Brazilian real falls to over-three-month low
July 10, 2015
In July, the Brazilian real (BRL) continued the downward trend that started in April 2014, falling against the U.S. dollar. The real fell to a 3 month-low on 8 July and closed at 3.23 BRL per USD, which represented a 4.2% depreciation over the same day last month. The figurere presented a 46.2% decline in value from the same day of the previous year.
The sharp depreciation comes amid a deteriorating outlook for Brazil’s economy and increasing global uncertainty surrounding Greece’s future in the Eurozone. In addition, political uncertainty is rising in Brazil as Rousseff’s approval ratings have fallen to an all-time low and she is facing rising hostility in Congress.