RIO DE JANEIRO, BRAZIL – The dollar fell for the third consecutive session and closed at the lowest level in more than two years. The stock market experienced a rather tense day, marked by uncertainty over the leadership of Petrobras, and registered a slight decline.
The trading dollar closed Monday (4) at R$ 4.608, down R$ 0.059 (-1.27%). After a near-stable opening, the rate moved in a low range between R$ 4.60 and R$ 4.62 throughout the day.
The U.S. currency is at its lowest level since March 4, 2020, a week before the World Health Organization declared the Covid-19 pandemic, when it closed at R$4.58. In the first two business days of April alone, the dollar fell 3.2%. In 2022, the currency recorded a decline of 17.36%.
The euphoria in the foreign exchange market was not repeated in the stock market. The B3 Ibovespa index closed at 121,279 points, down 0.24%. Despite a reaction during the afternoon, the indicator closed low under the pressure of the situation of Petrobras and shares of banks, which fell on Monday.
Several newspapers and news agencies reported that economist Adriano Pires, nominated by President Jair Bolsonaro to head Petrobras, had renounced the post due to conflicts of interest between the state-owned company and companies that benefited from his consulting work.
The withdrawal was officially confirmed shortly before 8 p.m. The company’s shares fell 0.85% (common shares) and 0.94% (preferred shares).
The decline in the stock market was not larger, because Ibovespa benefited from the American shares. In relation to the dollar, the North American currency continues to fall due to two factors.
The first reason is the high-interest rates in Brazil, which attract capital flows to emerging markets. The second reason is the appreciation of commodities (primary goods with international quotations) due to the war between Russia and Ukraine, which brings more foreign exchange to commodity-exporting countries like Brazil.
The news item was updated at 20:07 to include the information that the resignation of economist Adriano Pires of Petrobras was confirmed shortly before 20:00.