Dollar reverses yesterday’s decline and rises to R$ 5.38

In yet another unstable day in the financial market, the dollar rose and the stock market fell amid electoral tensions and negotiations around the proposed amendment to the Constitution (PEC) to remove part of the expenditure ceiling next year. The North American currency canceled out yesterday’s fall, the stock market reversed the previous day’s gains and approached 109,000 points again.

The commercial dollar ended this Tuesday (22) sold at BRL 5.38, up by BRL 0.069 (+1.3%). The currency even fell in the first minutes of trading, but reversed the movement and started to rise in the morning. In the late afternoon, the quotation soared and reached R$5.40 around 4:30 p.m., shortly after the PL announced a lawsuit at the Superior Electoral Court (TSE) to question the validity of ballot boxes manufactured before 2020.

The stock market performed similarly. The B3 Ibovespa index closed at 109,036 points, down 0.65%. The indicator operated at a slight rise during the morning, plummeting 1.66% shortly before 5 pm, but softened the fall in the final hour of trading.

This Tuesday, the dollar closed again against the trend abroad, where the US currency fell 0.3% against the main world currencies. In addition to the action of the PL questioning the result of the elections, investors are waiting for the unfolding of the negotiations around the Transition PEC.

The government filed a text that asked for the exclusion of R$ 198 billion, but the senators Alessandro Vieira (PSDB) and Tasso Jereissatti (PSDB) suggested proposals that would reduce the impact to R$70 billion and R$80 billion, respectively. The lack of news regarding the discussions provoked new volatility in the market today.

*With information from Reuters

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