Bovespa closes after slip and dollar reaches R$ 3.85

One day after the country lost its investment grade at Standard & Poor's, Brazil's São Paulo-based stock exchange BM&F Bovespa closed Thursday's session (Sep. 10) on a slight downward trend. The Bovespa index finished the day down 0.33%, at 46,503 points.

The dollar, in turn, closed out the day at R$ 3.85, up 1.34% from Wednesday (9). The sharp rise in the exchange rate, reported early in the day, was softened by the Central Bank's intervention in the foreign exchange market. At around 09:30 a.m., the US currency was trading at R$ 3.90. In an attempt to curb this increase, the Central Bank held yet another auction of dollar repurchase agreement, adding up to $1.5 billion. Mature dates were fixed in January and April next year.

Translated by Fabrício Ferreira