Brazil’s real is no longer the world’s most-volatile currency.
As the exchange rate slumped Wednesday, its three-month implied volatility, a measure of expectations for future price shifts, trailed that of Russia’s ruble for the first time in a month. While the gauge has surged 65 percent from this year’s low in January, it has tumbled 22 percent from its Oct. 16 peak.
Brazil Energy Insight 
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