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USD/BRL: Brazilian Real sinks to all-time lows, at 4.1795

FXStreet (Mumbai) - The Brazilian currency slumps to record lows versus the US dollar in the European session, driving USD/BRL just shy of 4.1800 levels.

Currently, USD/BRL pair trades 0.10% higher at record highs of 4.1795. The USD/BRL pair extends its recent upsurge into a seventh day this session, after breaking above the 4.00 threshold the first time since the real's inception in 1994 on Tuesday.

Brazil's currency plummeted to the lowest levels ever against the US dollar on Thursday, highlighting the vulnerabilities of the emerging economies at a time when the Fed appears to hike rates, thus encouraging further capital outflows.

Moreover, the real also remains undermined after rating agency Standard & Poor's earlier this month lowered Brazil's credit rating to speculative grade or junk, citing political and fiscal challenges facing the government of President Dilma Rousseff.

Brazil's currency has lost more than 50% of its value against the greenback since the beginning of the year, emerging one of the worst performing emerging market currencies.

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