| When Brazil’s central bank met in late January to consider increasing interest rates, it predicted the currency, the real, would hover at R$2.65 to the dollar for the next two years. On Monday, the currency closed at about R$3.12 against the dollar, near an 11-year low after weakening 15 per cent so far this year.
The once mighty real — only a few years ago Brazil was fighting a “currency war” to keep it from appreciating against the dollar — has been hit by a scandal at state-owned oil company Petrobras and a deep slowdown in Latin America’s largest economy...............................................Full Article: Source
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