At the beginning of the day, the US dollar was trading at the open at 5.01 Brazilian reals on average, which meant a decrease of 0.27% compared to the previous day's figure, when it was 5.02 Brazilian reals on average.
In the last week, the US dollar recorded a decline of 2.13%, so in year-on-year terms it still maintains a decline of 12.36%. Analyzing this data with that of past days, it accumulates four consecutive downhill sessions. With reference to the volatility of the last week, it shows a slightly lower return than the volatility reflected in the last year's data, which indicates that it is going through a period of greater stability in recent times.
In the last year, the US dollar has reached a maximum of 5.71 Brazilian reals on average, while its lowest level has been 5.01 Brazilian reals on average. The US dollar is positioned closer to its minimum value than to the maximum.
Crisis for the Brazilian real
The real, or the Brazilian real as it is known internationally, is the legal tender in Brazil and it is the twentieth most traded currency in the world and the second in Latin America only behind the Mexican peso.
Inforce since 1994, the real replaced the “cruzeiro real” and its abbreviation is BRL; it is also the fourth most traded currency in the American continent only behind the US dollar, Canadian dollar and Mexican peso.
One of the episodes that most marked the Brazilian currency was when in 1998 the real suffered a strong speculative attack that caused its devaluation the following year, going from a value of 1.21 to 2 reais per dollar.
There are currently 1 and 5 cent copper coins, 10 and 25 cents bronze coins and 50 cents cupronickel coins. The coin of a real is bimetallic. It should be noted that in 2005 the pennies were discontinued, but it is still legal tender.
On the economic front, the International Monetary Fund (IMF) cut Brazil's growth by 1.7 percentage points for 2022, especially due to the deterioration of global conditions between high inflation and the SARS-CoV-2 pandemic.
It should be noted that the Brazilian economy, the largest in the Latin American region, entered a recession in the second quarter of 2021 and is forecast to stagnate throughout 2022.
Due to COVID-19, Brazil was forced to spend more money as stimulus measures (about 12% of GDP) in order to cope with the pandemic, which ultimately resulted in a budget deficit for 2022.
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Agencies