Dollar Reaches Nine-Year Low in Brazil. Real Up 19%

Booming times at Brazil's Bovespa stock exchange The real, the Brazilian currency rose to a nine-year high as the US dollar slumped and investor demand for commodities and higher-yielding assets increased. Last April 30, Standard & Poor's upgraded Brazilian debt sending the real and the São Paulo Bovespa stock index to new records.

The real rose 0.8% to 1.6410 per dollar from 1.6545 on Thursday, May 15. The currency reached 1.6402, the strongest since April 1999. The real has gained 19% against the US dollar over the past 12 months, the second-best performance among the 16 most-traded currencies after the Norwegian krone.

The Bovespa index finished the week at 72.766,93, up 1.78% from Thursday, which represents the eight's highest daily record so far this year. Since January the index has increased 13.9%

Brazil's exports have tripled since Brazilian President Luiz Inácio Lula da Silva took office in January 2003 on rising world demand for soybeans, iron-ore, beef and cars.

The economy expanded 5.4% in 2007, the fastest in three years, helped by rising exports and falling interest rates. The Brazilian economy is forecasted to expand 4.5% this year.

The central bank raised the rate a half-point from 11.25% last month, the first increase in three years, in a bid to stem inflation. Policy makers next meet on June 3 and June 4.

Mercopress

Tags:

You May Also Like

Blame US Apathy for Growing Anti-Americanism in Brazil and Latin America

In Brazil, my native country, there is a joke about a man who every ...

Brazil’s Flower Exports Grow 9.6%, But Below Expectations

Brazilian flowers and ornamental plants exports yielded US$ 25.75 million in 2005, an increase ...

The Works

They are into this quality certification process here big-time. Man, it is just sensational. ...

Brazil Starts the Engines of Biodiesel Program

The Brazilian government is launching, today, the National Biodiesel Program, which will permit the ...

Brazil Congress Is in Recess While Lula Loosens Purse Strings

The Brazilian Congress officially went into recess. This recess is in the constitution where ...

Brazil Drafts Conservation Plan for Pantanal, a Mankind’s Patrimony

In December, 2005, Brazil’s Minister of Environment, Marina Silva, signed an act establishing the ...

Brazil Finds Bodies from Air France Jet While Waiting for French Submarines

The Brazilian Air Force announced this Saturday night, June 6, that it had found ...

World Bank Chief Wants Brazil’s Ethanol and Social Programs Applied in Poor Countries

After visiting a mill that makes sugarcane-based ethanol, the president of the World Bank, ...

Brazil Is Celebrating: The Country Is Importing More

Brazil has imported the equivalent to US$ 49.457 billion from January to the fourth ...

Emirates Get Brazilian Embraer’s First of Five Lineage 1000 Jets

Embraer, the Brazilian aircraft manufacturer, delivered the first Lineage 1000 executive jet to company ...

WordPress database error: [Table './brazzil3_live/wp_wfHits' is marked as crashed and last (automatic?) repair failed]
SHOW FULL COLUMNS FROM `wp_wfHits`