Dollar at its lowest in 16 days and stock market up over 5%

In the stock market the optimism among investors drove the Ibovespa up

Publicado em 21/11/2014 - 19:29 Por Wellton Máximo reports from Agência Brasil - Brasília

Amid much apprehension over the composition of the government's new economic staff, the dollar dropped for the fourth consecutive day, and closed out this Friday (Nov 21) at its lowest in over two weeks—R$ 2.522, down R$ 0.05, or -2.05%. The rate is the lowest one registered since November 5, when it reached R$ 2.515.

At the day's lowest rate, around 4 p.m., the dollar stood at R$ 2.515, but its decreasing pace slowed down near the session's end, closing out the week down 3.04%. Nonetheless, the currency still accumulates 1.73% in November, and 6.96% in the year.

The dollar had been showing a series of hikes following President Rousseff's re-election,  having moved last Monday (17) to R$ 2.601, the highest level since April 2005. From Tuesday (18) onwards, however, it headed back down to nearly R$ 2.50.

The stock market also showed a positive response. In the São Paulo Stock Exchange, the Ibovespa closed the day up 5.02%, or 56,084 points. This week alone, the index surged 8.33%, with an accumulated rate of 2.67% in the year. Shares from mining company Vale and the state-run oil giant Petrobras were reported to have climbed up 7% and 12% respectively, bolstering business.


Translated by Fabrício Ferreira


Fonte: Dollar at its lowest in 16 days and stock market up over 5%

Edição: Beto Coura / Olga Bardawil

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