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2h ago

Dollar Hits R$5.35 as Brazil Stocks Fall on Weaker MP Revenue

Investors focused on a reduced R$17 billion estimate for the tax measure, with committee approval arriving on the eve of its Oct. 8 deadline.

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Overview

  • The dollar closed up 0.75% at R$5.351 after touching R$5.3532, while the Ibovespa fell 1.57% to 141,356 points, its lowest level since September 4.
  • The MP intended to offset a diluted IOF increase now projects R$17 billion in revenue after changes confirmed by Finance Minister Fernando Haddad.
  • The report by Deputy Carlos Zarattini removed taxation on bets and excluded LCI and LCA, narrowing the expected fiscal yield.
  • The text was approved by a congressional special committee, and Haddad signaled an agreement for a vote before the measure expires on October 8.
  • Global risk-off flows lifted the dollar as markets tracked the U.S. government shutdown and political turbulence in France and Japan, leaving the real the day’s weakest in Latin America.