Brazilian Real Posts Biggest Two-Week Increase Since May 2009
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Brazil’s real posted the biggest two-week gain in almost two years after the government enacted measures to curb its rally that were weaker than some investors expected, and Finance Minister Guido Mantega said long-term appreciation of the currency is “inevitable.”
The real rose 1.1 percent today to 1.5689 per dollar at 5 p.m. New York time, adding to the currency’s 5.9 percent rally over the past two weeks. The currency gained 7.4 percent in the two-week period ended May 29, 2009. The real rallied 2.4 percent this week.