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Benzinga has been following the saga of the Brazilian Real over the past few days. On Wednesday, the currency hit its lowest point since 2002, closing at 0.2661 U.S. Dollars. On Thursday, the notes continued to fall, reaching new low, with the U.S. Dollar being sold at 3.803 Reals –its highest price in 13 years, amidst speculation about Finance Minister Joaquim Levy being close to stepping down from his position as the discussions about the 2016 budget continue.
However, the Brazilian currency has started to recuperate in the afternoon. After surging 0.487 percent, each Real is now worth 0.2674 U.S. Dollars – or each U.S. Dollar is worth 3.7382 Reals.
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Related Link: Brazilian Real Hits Its Lowest Point Since 2002; Rousseff Assures Fiscal Deficit Is 'Temporary'
While the Real is reverting the trend seen in the past few days, the Sao Paulo Stock Exchange continued with the upsurge started on Wednesday. On Thursday, the exchange was up roughly 1.24 percent, to 47,042.33 Bovespa index points.
The Interest Rate Hike Halt
As it was expected, the Brazilian Central Bank decided on late-Wednesday, to leave its benchmark interest rate untouched at 14.25 percent. Although the interest rate is still considerably high -- especially when compared to other large economies, the non-hike ends with a long cycle of rate increases aimed at battling inflation in the country.
According to the Central Bank, the decision was unanimous, and based on the current macroeconomic situation, the country-specific risk and the inflation outlook.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.