Mantega Says No Risk of Depreciation for Real

The Brazilian real gained today as Guido Mantega, Brazil’s Finance Minister, said that the exchange rate normalized, suggesting that there is no more risk for a big slump of the currency.
Mantega said regarding the exchange rate that “no one talks about turbulence now”. Previously, policy makers were taking steps to stem appreciation of the real but later dropped such measures and started to support the currency. The real has gained 7 percent this year as a result, being the best performer among currencies of emerging markets.
USD/BRL ticked down from 2.2180 to 2.2020 as of 8:27 GMT today.

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