Brazilian Real Falls to R$3.688 to the Dollar, Lowest Since 2002

By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – The foreign exchange market reacted negatively on Tuesday, September 1st to the announcement by Brazil’s government that it was sending to Congress a budget bill for 2016 which forecast a primary deficit of over R$30 billion. The dollar closed the day at R$3.688 the highest level since 2002, when it closed at R$3.735.

During the day on Tuesday many exchange houses in Rio de Janeiro and São Paulo were selling the U.S. currency at over R$4.10. Market operators are expecting . . .

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