Itau Unibanco Holding (ITUB) Stock Rising as Real Climbs
NEW YORK (TheStreet) -- Itau Unibanco Holding (ITUB) - Get Reportstock is up by 1.19% to $7.22 on Monday morning, as the Brazilian real increases.
The currency is rising after Brazilian President Dilma Rousseff said Finance Minister Joaquim Levy will stay in the government, Bloomberg reports.
The real rose by 0.5 percent to 3.8296 per dollar at 12:05 p.m. in Sao Paulo, according to Bloomberg.
"It is positive that Rousseff stood by Levy today, but it would be even more positive if we had a clear message regarding the Finance Ministry in the longer term," Camila Abdelmalack, an economist at CM Capital Markets, told Bloomberg. "Markets are very confused at the moment and virtually no fiscal adjustment measure has been approved amid this mess."
Itau Unibanco, which offers financial products and services to clients, is based in Sao Paulo.
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