Brazilian Real Declines as Inflation, Economic Outlooks Worsen
- Economists now expect the economy to shrink 3.21% this year
- Currency needs 10% drop to become attractive, Invesco says
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Brazil’s real declined after forecasters increased estimates for both inflation and the depth of the recession in Latin America’s biggest economy.
The real dropped 0.6 percent to 3.9293 per dollar in Sao Paulo, the worst performance in Latin America. Markets in Brazil opened at 1 p.m. local time Wednesday after being closed Monday and Tuesday for the Carnival holiday.