Brazil’s real hits new record low near 5.40 per dollar as rate cut bets intensify

Brazil’s real fell on Wednesday to a fresh all-time low close to 5.40 per dollar, as expectations intensified that the central bank will cut interest rates significantly in the coming weeks to combat the coronavirus-fueled economic crisis.

The currency far underperformed its regional and emerging market peers on Wednesday, sliding more than 1% on the day to take its year-to-date depreciation to more than 25%.

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