RIO DE JANEIRO, BRAZIL – (Reuters) Brazil’s real weakened sharply on Monday, falling below US$4 for the first time since late May as local markets felt the heat from surging market volatility and political uncertainty in neighboring Argentina.
In early trading, the dollar was up 1.8 percent at 4.01 reais, the highest since May 29.
Argentina’s peso lost around a quarter of its value in early trading on Monday, falling to sixty per dollar, traders said, after voters soundly rejected president Mauricio Macri’s austere economic policies in the primary elections held on Sunday, casting serious doubt on his chances of re-election in October.
(Source: Reuters)