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Brazil Real Drops to 12-Year Low as Rout Seen Gaining Momentum

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The real slid to a 12-year low after the rout gained momentum on concern Brazil will lose its investment grade rating and amid evidence of a widening political corruption scandal.

“While a lot of the bad news is already priced in, there is much more to go,” Christian Lawrence, a foreign-exchange strategist at Rabobank Nederland, said in a phone interview from New York.