The Brazilian central bank slashed a full percentage point from the base interest rate on Wednesday, taking interest rates to 9.25%. This was greater than the 0.75% expected by markets and takes Brazilian interest rates below 10% for the first time.

After closing for a public holiday on Thursday, the Brazilian real has surged against the US dollar in Friday's trading, opening at BRL1.940 per dollar as opposed to BRL1.952 on Wednesday's close. Brazilian currency exchange rates are stronger based on the view that recovery is imminent for the global economy.

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The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.