Stock market rises almost 7% and dollar has largest drop in 4 months

In a day of political turmoil, optimism prevailed in the financial market. São Paulo Stock Exchange (BOVESPA) rose almost 7% and the US dollar had the largest daily percentage drop in four months and closed at R$3.653, down 2.29%. It was not a larger fall because the Central Bank announced that it will use the dollar decline to reduce interventions in the foreign exchange.

São Paulo Stock Exchange Index (IBOVESPA), ended the day up 6.6%, at 50,914 points, and reached the highest rate since July last year.

Translated by Amarílis Anchieta