The Brazilian real dropped to a three-year low last week as President Rousseff and other officials stepped up their public campaign to keep the currency weak . President Rousseff pronounced the currency as, “overvalued,” just a weeks after Central Bank President Tombini promised low rates for a, “prolonged time.”
Fears of further intervention sent the real down almost a percent to BRL 2.0985 against the dollar. The local currency now buys less than two-thirds what it did last year when it reached a multi-year high of BRL 1.54 per dollar………………………………………..Full Article: Source