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By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – Brazil’s currency, the real, fell to its weakest level against the U.S. dollar since 2005 in February this year and according to an international economic consultancy group the reason is not the current corruption scandals at oil giant Petrobras, but deteriorating economic fundamentals.

According to Capital Economics’ Latin American Market Monitor report for February, the Brazilian real depreciated by nearly seven percent in February but only part of this depreciation can be attributed to the on-going corruption scandal at state-owned oil company, Subscribe to our Premium Membership Plan. Already Subscribed?