Real opens strong
Tuesday provided forecasts that second quarter US bank results may be better than previously expected. The US news increased investor appetite for risk which encouraged investment in emerging economies such as Brazil. The real opened at BRL1.97 per US dollar in the Brazilian Mercantile and Futures Exchange, stronger than the close on Monday.
The predictions of better than expected results are backed by US banking analyst Meredith Whitney. She was one of the first analysts to point out the emerging problems of Citibank Inc. before the financial crisis, and believes that second-quarter earnings for Goldman Sachs Group Inc. will be improved. Improved earnings would indicate a sign that the country's financial sector is on the mend.
The real has a current currency exchange rate of GBP3.2094 and USD1.9693.
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.