RIO DE JANEIRO, BRAZIL – Brazil’s real sank around 1.5% to a fresh four-month low through R$5.78 per dollar on Monday, March 8th, after Supreme Court Justice Edson FAchin annulled the criminal convictions against former President Luiz Inacio Lula da Silva and restored his political rights.
The real traded as weak as R$5.7851 per dollar, its weakest since October 30th last year.
“If it is true, Lula is a candidate,” said a trader at a bank in São Paulo, referring to next year’s presidential elections.