Banco Bradesco (BBD) Stock Rising Along With Brazil’s Real
NEW YORK (TheStreet) --Shares of Banco Bradesco (BBD) - Get Report are gaining by 2.29% to $5.80 in midday trading on Thursday, as some U.S. traded Brazil-based stocks get a boost from the rise in the Brazilian real.
The country's currency gained after the central bank announced plans to intervene in the currency market, which has offset a decision by lawmakers to delay a vote on a measure to help trim the fiscal deficit, Bloomberg reports.
Banco Bradesco is a Sao Paulo-based commercial bank offering a range of banking and financial products and services in Brazil.
The real was up by 0.5% to 3.7822 per dollar in Sao Paulo this afternoon.
The central bank in Brazil is offering as much as $500 million in two auctions of foreign exchange credit lines today, Bloomberg added.
"The political scenario in Brazil remains very weak, and the central bank acting gives some support," currency trader at Correparti Corretora de Cambio Ricardo Gomez da Silva told Bloomberg.
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