* The Brazilian real closed the day at R$5.495/US$1 yesterday (17 August), its lowest point in three months, amid a turbulent day in the markets and concerns about the Brazilian government’s commitment to fiscal rigour. Uncertainty over President
Jair Bolsonaro’s alignment with Economy Minister
Paulo Guedes has driven these concerns. The US dollar began to appreciate against the real yesterday following the news that yet another official in the economy ministry had resigned – although
Vladimir Kuhl Teles said he resigned as deputy secretary of macroeconomic policy for personal reasons, his resignation prompted disquiet as it follows
the departure of top economy ministry officials last week. Meanwhile, the index for the São Paulo stock exchange (Ibovespa) fell below the 100,000-point mark, closing the day at 99,959 points, the lowest level in over a month.
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