Dollar jumps past R$ 3.45, up 30% in 2015

On yet another turbulent day in the foreign exchange market, the US dollar sured the R$ 3.45 rate and once again closed at a 12-year high—R$ 3.455, the highest since March 20, 2003, when it cost R$ 3.478.

The US currency was seen on the rise throughout the session, and reached its R$ 3.458 peak at about 03:30pm. The year-to-date surge stands at 29.9%.

Among the factors that contributed to the hike is the fact that the Central Bank has lowered the pace of rollovers for foreign-exchange swap operations—which are equivalent to the sale of dollars in the future market in a bid to curb the dollar.

Translated by Fabrício Ferreira

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