Brazil’s Real Leads Major-Currency Declines Before Poll Results

The real fell the most among major currencies on concern China will refrain from increasing stimulus as investors awaited results of Brazilian polls gauging President Dilma Rousseff’s re-election prospects.

The real dropped 1.2 percent to 2.3979 per U.S. dollar at the close of trade in Sao Paulo, the weakest level since Feb. 12. The decline was the biggest among 16 major currencies tracked by Bloomberg. Swap rates, a gauge of expectations for changes in borrowing costs, increased nine basis points, or 0.09 percentage point, to 11.78 percent on the contract due in January 2016.