Special Report:Global Financial Crisis
RIO DE JANEIRO, Nov. 21 (Xinhua) -- The Brazilian currency Real registered on Friday its lowest value against the U.S. dollar in three years, sliding to 2.46 reais to one U.S. dollar.
The value of the U.S. dollar increased 8.3 percent against Real during this week, and up 14 percent in November. Since Aug. 1, when the U.S. dollar hit its lowest exchange rate in 2008, its value increased 57.6 percent against Real.
The devaluation of the Real was a result of the sharp fall of Ibovespa index in Sao Paulo Stock Exchange, which was down 6.45 percent on Friday to 31,250 points. Last week, the Ibovespa went down 12.7 percent.
The Ibovespa was largely drawn down by main stocks in Sao Paulo market. Brazil's state-owned oil and gas giant Petrobras's stock fell 8.70 percent on Friday. The stocks of Brazil's mining giant Vale, the second largest company in the country, also plunged 7.77percent.
Petrobras announced earlier on Friday the discovery of two pre-salt layer oil reserves off the coast of Espirito Santo state, which contain high-quality light oil and are expected to gush out 1.5 to 2 billion barrels of recoverable oil.
Meanwhile, Brazil's largest public bank Bank of Brazil also announced its acquisition of the regional bank Nossa Caixa on Thursday.
However, analysts said the good news is still not enough to boost the mood of the market.
