RIO DE JANEIRO, BRAZIL - The exchange rate and the stock market show resilience, despite internal uncertainties, sustained by the inflow of foreign funds.
The flow is assured by the favorable seasonality of the trade balance, driven by the rise in commodities, and by the inflow of investors attracted by the relatively low stock prices. The billion-dollar offer of debentures by Vale (VALE3) also contributed.
The dollar closed above R$5.70 on the first day of the month and has accumulated a drop of around 1% since then, even with all the fiscal apprehension generated by the impasse in . . .
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