Overview
- The on‑shore spot dollar closed at R$5.4887, a 1.47% drop on the day and near the session low.
- In December the dollar gained about 2.88%, but it still finished 2025 with an 11.18% annual decline versus the real.
- Market participants pointed to end‑of‑month adjustments tied to Ptax formation as the main driver of the intraday move.
- Global cues were subdued after the Fed minutes, with the DXY slightly higher, as the real ranked second‑best among 33 liquid currencies.
- The session opened near R$5.57 with volatility, and exchange‑rate swings continue to filter quickly into import prices, travel costs and dollar‑priced services.