Brazil’s exchange rate to the dollar has dropped to a record low, heaping further pressure on the leftwing government to introduce spending cuts quickly and calm mounting investor concerns over its commitment to fiscal discipline.
After weeks of the currency declining, president Luiz Inácio Lula da Silva’s administration on Monday confirmed it would soon unveil long-anticipated measures to curb expenditure.
The government’s decision to accelerate the announcement is viewed in part as a reaction to a sharp fall in the real, which has been under strain as fund managers fret over the management of the public finances of Latin America’s largest economy.
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