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Brazilian Real is now very close to challenging its all-time low made in October 2002, at 4.004 per Dollar. Analysts point out that sentiment is so sour for Brazil that US Federal Reserve's decision to hold rates at record low last week failed to reverse mood for the currency.
Real today traded as low as 3.985 per Dollar, continued its third consecutive daily loss. Sentiment has further soured as rating agency standard &Poor has cut Brazil's rating to junk status.
While economists said Brazil's economy is about to shrink by -2.7% this year and 0.8% in next, analyst at Societte General has pointed out that Real might lose to as much as 4.4 per Dollar.
Domestic situation is not getting any better, domestic consumption on the fall, inflation on the rise, government struggling with large fiscal deficit and to implement reforms, while economy suffers with large current account deficit.
Moreover incumbent President, Dilma Rousseff might face further resignation pressure over state run Petrobras scandal.
Real is currently trading at 3.983 against Dollar.
