Brazil’s real led declines among major currencies and fell to a 12-year low as BNP Paribas SA and London Capital Group said it was poised for another 10 percent decline.
The real tumbled last month the most since March as Standard & Poor’s said Tuesday it may lower the nation’s credit rating to junk and the central bank signaled a day later it would avoid raising interest rates. The local currency may extend its decline as the U.S. Federal Reserve prepares to increase borrowing costs, limiting the desirability of Brazil’s assets to investors looking for higher yields.
Brazil Energy Insight 
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