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LatinNews Daily - 18 August 2020

In brief: Brazilian real depreciates amid worries on fiscal rigour

* 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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