Brazil’s Real and Stocks Are World’s Best as Foreigners Pile In

Brazil’s currency and stocks are leading world gains this year as foreign investors keep piling into the nation’s local assets, lured by high interest rates and the massive rally in commodity prices.

The real on Thursday strengthened to as much as 4.7663 per dollar, the highest since March 2020, extending its year-to-date advance to more than 16%, the largest among 31 major currencies. Implied volatility in the currency, meanwhile, is at levels unseen since early February. As the real rallied, the return of the local benchmark stocks index in dollar terms jumped to more than 30%, the best among all national equity indexes tracked by Bloomberg.