Brazil’s real extended its weekly decline to the biggest since March as assurances that Finance Minister Joaquim Levy would remain in his post failed to quash concern the country will lose its investment-grade rating.
The currency swung between gains and losses Thursday before Chief of Staff Aloizio Mercadante said that the architect of Brazil’s efforts to cut budget deficits and avoid a junk credit rating “will continue to help Brazil.” The real led weekly losses after Levy presented a proposal Monday to Congress forecasting that the nation will suffer its worst recession in a quarter-century this year and post a deficit before interest payments in 2016.
The real declined 1.4 percent to 3.7921 per dollar at 9:57 a.m. in Sao Paulo.
Brazil Energy Insight 
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