Stock Market up 7.1 Percent, Dollar Down to R$4.64 on Rebound Day

After retreating 12.17 percent on Monday, March 9th, the IBOVESPA index closed the day up 7.14 percent, at 92,214 points, the highest increase for a single day since January 2009.

RIO DE JANEIRO, BRAZIL - Following a day of historical losses and global panic, the stock market recovered part of its losses, and the dollar experienced its highest daily drop in six months.

The US dollar closed Tuesday, March 10th, at R$4.64, down R$0.08 (1.69 percent) from the R$4.72 close on Monday. In percentage terms, it was the highest daily drop since September 4th last year, when the currency slid 1.79 percent.

The Central Bank sold dollars from international reserves to ease the market for the second consecutive day. The monetary authority sold . . .

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