Brazil's Real Falls Most Since May as Fiscal Concern Prevails
- Levy stays in office after speculation he would resign
- Government says finance chief `will continue to help Brazil'
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Brazil’s real tumbled the most since May to a fresh 12-year low as assurances that Finance Minister Joaquim Levy would remain in his post failed to quash concern the country will lose its investment-grade rating.
The currency swung between gains and losses Thursday before President Dilma Rousseff’s chief of staff said the architect of efforts to cut deficits “will continue to help Brazil.” The real led global weekly declines after the administration presented a proposal Monday to Congress forecasting that the nation will suffer this year its worst recession in a quarter-century and post a deficit before interest payments in 2016.