Brazil’s Real Drops From Three-Week High as Levy Face Obstacles

Brazil’s real fell from a three-week high on concern that Joaquim Levy will face obstacles in trying to revive Latin America’s largest economy as he takes over as finance minister.

The currency declined 1.2 percent to 2.5311 per dollar at the close in Sao Paulo, dropping for the first time in three days. The Ibovespa benchmark equity index lost 0.7 percent. Swap rates, a gauge of expectations for changes in borrowing costs, fell three basis points, or 0.03 percentage point, to 12.07 percent on the contract maturing in January 2017.