The Brazilian real's relentless decline continued on Thursday, as growing investor fears over the impact of the coronavirus outbreak on Latin America's largest economy pushed it below 4.50 per dollar for the first time ever.
The real traded as low as 4.5010 per dollar, down more than 1% on the day and bringing its losses in the first two months of the year to more than 10% to cement its status as one of the world's worst-performing currencies against the dollar.
By mid-session in Brazil on Thursday, it had clawed back some ground to trade at 4.4750 reais per dollar.
Three-month dollar/real implied volatility rose on Thursday to 10.7%, its highest in almost three months but still some way below the 14% in August last year that prompted the central bank's first spot market dollar sales in over a decade.
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