The Brazilian real hit an all-time low Tuesday, dipping in value to 4.03 against the dollar within minutes of the market's opening amid snowballing fears over a deepening economic crisis. The currency has depreciated 33 percent against the greenback this year, as the economy entered recession and a corruption scandal at state oil giant Petrobras engulfed the political system.
Analysts attributed the latest slide to President Dilma Rousseff's difficulties in putting in place a plan to revive the economy and get a grip on a crisis that has already led to a downgrade of the country's credit rating.
"This sharp devaluation is not only due to the economic situation that Brazil is facing but also the immobility of the government," analyst Angelo Larozi told AFP.
"From my point of view, it seems the government has lost its way and doesn't communicate with Congress, that it sends up projects without planning."
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