Around the World's Markets: Sao Paulo
Friday 05 March 1999
The Bovespa index retreated from its early 3 per cent surge to close at 9,310 points, still a 1.7 per cent rise over Wednesday's close.
Shortly after the announcement of a hike in the benchmark interest rate to 45 per cent, the real began to strengthen on dollar inflows. The currency firmed to 2.07 to the dollar from 2.11 before the announcement, eroding stock gains.
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