Reported about 10 hours ago
The Brazilian real plummeted to a record low of 6.02 per dollar as investors reacted negatively to a proposed $12 billion spending cut plan unveiled by Finance Minister Fernando Haddad. This plan, aimed at reducing the budget deficit, failed to alleviate investor concerns, leading to a significant drop in both the currency and the stock market. With soaring inflation expectations and the specter of increasing interest rates, Brazil's economy faces deepening challenges as global market sentiments shift.
Source: YAHOO