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RIO DE JANEIRO, BRAZIL - On Monday, March 16th, the dollar closed up 4.59 percent at R$5.05, a new nominal record (excluding inflation). The tourism dollar was quoted at R$5.1880 on sale. In some foreign exchange offices, it sold above R$5.28.

In real terms (corrected for inflation), the US currency is still far from its 2002 peak. If one considers only the IPCA (Broad National Consumer . . .

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