Brazilian Real Tests May 2024 Highs
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The Brazilian real has strengthened past 5.33 per US dollar, reaching its highest levels since May 2024 due to sustained foreign inflows and a favorable interest rate differential. Non-residents added approximately R$7.7 billion last week, with January inflows nearing R$12.4 billion. The Selic rate remains at 15%, with expected rate cuts starting in March, maintaining attractive yields. Strong external accounts and record tax revenues of R$2.89 trillion in 2025 have further supported the real, despite ongoing fiscal concerns.
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