Brazil’s Currency Drops as Lula Faces Corruption Investigation
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Brazil’s real declined to a one-week low as federal prosecutors investigated allegations of influence-peddling by former President Luiz Inacio Lula da Silva, broadening a corruption probe that has roiled the government.
The currency erased its gain after a spokesman for the prosecutor’s office in Brasilia said the inquiry was focusing on whether Lula used his influence to win contracts in Panama and Venezuela for the construction company Odebrecht SA.