The real rose as a rally in emerging-market currencies outweighed concern that newly appointed Finance Minister Nelson Barbosa won’t push to rein in Brazil’s swelling budget deficit.
The real rose 0.8 percent to 3.9780 per dollar at 9:55 a.m in Sao Paulo after weakening past 4 per dollar on Monday. A gauge of emerging markets currencies rose 0.2 percent on the prospect of more economic stimulus from China. One-month implied volatility in the real fell to 22.9 percent, still the highest among 16 major currencies tracked by Bloomberg.
Brazil Energy Insight 
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