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On tumultuous day, dollar hikes and stocks drop

18/05/2017 at 18:48h

São Paulo – The US dollar hiked by 8.15% this Thursday (18), and was selling for BRL 3.389 at the end of the trading day. The United States currency was buoyed by a plea bargain deposition from meat company JBS partner Joesley Batista, which directly implicated president Michel Temer.

The market kept waiting for Temer’s reaction. He addressed the nation in the afternoon and denied rumors that he would step down. Still, Ibovespa, the main index of the São Paulo Stock Exchange, was down 8.8%, the sharpest drop since the world financial crisis peaked in October 2008. Trading was curbed for 30 minutes in the morning. Ibovespa closed at 61,597.06 points.

Translated by Gabriel Pomerancblum

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