RIO DE JANEIRO, BRAZIL - The dollar has dropped sharply in recent days against the Brazilian Real (R$), pushing the American currency from near R$5.50 to around R$5.30. Despite the improvement, the Real is still one of the few emerging country currencies traded at lower prices than before the pandemic, when it fluctuated around R$4.50, reaching R$4.70 in March.
Chile, South Africa, Mexico, and Colombia's currencies are currently at levels below March 11 last year, when the World Health Organization (WHO) officially classified the global Covid-19 situation as a pandemic.
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