Brazil Real Declines as Central Bank Moves to Weaken Currency
- Real trims losses as Brazil’s biggest party abandons Rousseff
- Currency also pares decline after Fed Chair Yellen's remarks
Brazil’s Biggest Party Abandons Rousseff
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Brazil’s real led losses among its most-traded peers as the central bank stepped in to weaken the currency, extending a program announced this month after three years of trying to support the real.
The real fell 0.3 percent to 3.6388 per dollar Tuesday in Sao Paulo, the only drop among 16 major currencies, after earlier falling as much as 1.4 percent. It trimmed losses after news that Brazil’s biggest political party formally left the governing coalition bolstered speculation that support for President Dilma Rousseff’s ouster will increase. Federal Reserve Chair Janet Yellen’s signal that the U.S. central bank remains wary of raising rates also lifted the real from Tuesday’s lows.