Brazil Real Drops Most in Emerging Markets on Political Concern

Brazil’s real led a selloff in emerging-market currencies after local media reported that the newly appointed planning minister was working to end a graft probe that has implicated some of the country’s top politicians, calling into question acting President Michel Temer’s pledges to root out corruption.

The real dropped for the first time in three sessions, falling 1.1 percent to 3.5592 per dollar at 9:47 a.m. in Sao Paulo. Local media reported a recorded telephone conversation from March included Planning Minister Romero Juca saying that a change in the federal government would lead to a deal to end the so-called Carwash corruption investigation.

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