By Lise Alves, Senior Contributing Reporter

RIO DE JANEIRO, BRAZIL- Despite the overall optimism shown by investors and the financial systems with the victory of Jair Bolsonaro to Brazil’s presidency, the country's currency registered a drop at the close of the first trading session after Sunday’s election.

The dollar appreciated against the real by 1.51 percent at R$3.7068/US$1, while Brazil’s major stock index, Ibovespa closed down by 2.24 percent to 83,796 points.

Carlos Caicedo, Latin America Country Risk Associate Director at the economic consultancy group Subscribe to our Premium Membership Plan. Already Subscribed? Login Here