Market Plunges in Brazil, Dollar Surges Amidst Political Turmoil

São Paulo's IBOVESPA registers the steepest daily decline since 2008 and U.S. dollar registers the largest daily appreciation in eighteen years.

By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – The U.S. dollar surged by 7.9 percent against the Brazilian real, as the country’s main stock market plummeted 8.8 percent on Thursday with the aftermath of the secret recordings showing that President Michel Temer approved of pay-off to a convicted politician for his silence.

The U.S. dollar closed at R$3.38/US$1, registering on Thursday the highest . . .

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