IBOVESPA Drops 5.2 Percent to Lowest Since July 2017; Dollar Soars to R$5.13

The market remains on the path of increasing risk aversion due to the slow response to the Coronavirus pandemic.

RIO DE JANEIRO, BRAZIL - The IBOVESPA closed with a sharp drop on Monday, March 23rd, and receded to 2017 levels due to the stalemate in the US Congress, which twice failed to pass a US$2 trillion rescue package to tackle the damaging economic effects of the coronavirus.

The US stock markets collapsed by as much as 4.2 percent yesterday, after the second attempt at an agreement between Democrats and Republicans failed . . .

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