When Michael Temer became the President of Brazil in August, his name was already tainted in the investigation of Petrobras scandal that led to the impeachment of his predecessor Dilma Rousseff. His name was involved and there was a general fear among the investors that he might be investigated too. That fear is likely to be coming true as a report came out today saying that the public prosecutor of the country is considering an investigation into President Temer’s involvement in the corruption case.

If this turns out to be true, the real would once more plunge into chaos and this time move higher towards 5 per dollar. The real is currently trading at 3.428 per dollar.