Brazil's Real Gains Despite Government Measures to Contain Advance

Brazil's Real Gains Despite Government Measures to Contain Advance

Brazil?s real strengthened beyond 1.60 per dollar for the first time since August 2008 after Finance Minister Guido Mantega said long-term appreciation is ?inevitable? as he announced a tax on foreign loans to curb the rally.

The real gained as much as 2 percent to 1.5817 per dollar, the strongest intraday level since Aug. 7, 2008. The currency rose 1.7 percent to 1.5863 per dollar today, the biggest daily increase since Oct. 5, 2010.

Source: Brazil's Real Gains Despite Government Measures to Contain Advance