Brazilian Real Drops as Central Bank Plans to Pare Back Support
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Brazil’s real dropped after the central bank said it will scale back support for the currency.
The real lost 2 percent to 3.2010 per dollar in Sao Paulo trading, extending its run as the worst performing major currency this year. It has lost 17 percent against the dollar in 2015 on concern that weakening fiscal accounts will cause the country to lose its investment-grade credit rating.