Brazil's Real Is in Free Fall
- Two rounds of extraordinary support haven’t been enough
- Real is among world’s worst-performing currencies this quarter
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Brazil’s real is proving immune to intervention from the central bank this week, adding pressure on policy makers to find new ways to support the currency.
The real, already the worst performer among peers this quarter, tumbled as much as 2.4 percent in a third day of sharp declines even after policy makers sold an additional $2 billion of foreign-exchange swap contracts Thursday, marking the second time this week it’s gone beyond its usual daily offer of $750 million. It traded at 3.9468 per dollar as of 1:29 p.m. in New York, the lowest since 2016. Stocks in Brazil also plunged.