Real slides despite IMF rescue package
MARKET NEWS
SAO PAULO -- Renewed uncertainty hit the troubled Brazilian real last week, as it returned to new lows only days after a $30 billion rescue package from the International Monetary Fund was approved. Political uncertainty and shrinking capital inflows globally are adding to the currency’s woes, analysts told FX Week.
The real slipped to about 3.15 per US dollar on Tuesday as credit rating agency Moody’s downgraded its foreign currency rating from B1 to B2. "The back-loaded and conditional nature
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