Brazil’s Real Leads Global Losses as Rousseff Rebuffed on Taxes
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Brazil’s real led global currency declines as President Dilma Rousseff was rebuffed in the Senate over the unwinding of tax breaks, adding to concern that she will struggle to shore up finances.
The real slid 1.6 percent to 2.9798 per dollar at the end of trade in Sao Paulo, the weakest level since August 2004. The drop was the biggest among 31 major currencies tracked by Bloomberg. Net overseas holdings of futures contracts betting against the real reached a record $38.1 billion two days ago.