RIO DE JANEIRO, BRAZIL - The dollar has shot up by 2,8 percent and closed sold at R$5,3787 on Friday, September 18th. Although the US currency had also appreciated against other emerging currencies, the real had the world's worst performance in recent months.
According to Jefferson Ruik, Correparti's currency exchange director, the move is justified by low liquidity, which increases currency fluctuations, and by the recomposition of a long position in dollars by large banks. "Any larger operation increases the dollar's appreciation. As there were some major recomposition operations it eventually weighed in."
Felipe Pellegrini . . .