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Brazil's real weakens past 5.10 per dollar for first time since May

Reuters
·1 min read

SAO PAULO, Oct 3 (Reuters) - Brazil's real on Tuesday weakened past 5.10 per dollar for the first time in more than four months, as emerging market currencies took a hit from a firmer greenback on the back of higher U.S. interest rates and strong economic data.

The Brazilian currency was down 1.3% in early afternoon, trading at 5.1330 per dollar in the spot market, extending losses after it last week dropped past 5.00 per dollar for the first time since August.

Brazilian central bank chief Roberto Campos Neto on Monday expressed concern about the continued rise in long-term U.S. interest rates and its potential impact on capital outflows from Brazil.

"The sharp rise in U.S. interest rates is currently weighing on Real, but that's temporary," said Robin Brooks, chief economist at the Institute of International Finance (IIF). "Brazil's trade surplus remains in the stratosphere." (Reporting by Luana Maria Benedito and Camila Moreira; Editing by Steven Grattan)