Itau Unibanco (ITUB) Stock Drops on Sliding Real
NEW YORK (TheStreet) -- Itau Unibanco Holding (ITUB) - Get Reportstock is falling 0.83% to $7.15 in early afternoon trading on Monday as the Brazilian real slips.
The real is declining on allegations that investment bank Grupo BTG Pactual SA bribed a politician, Bloomberg reports.
The real declined 1.1% to 3.889 per dollar at 4:55 p.m. in Sao Paulo, according to Bloomberg.
"The rising political risk trims the carry positions as it is simply too risky to stay in real-denominated assets right now," Ipek Ozkardeskaya, an analyst at London Capital Group, told Bloomberg.
Based in Sao Paulo, Itau Unibanco offers a variety of financial services to clients.
data by
Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of Jim Cramer, TheStreet or any of its contributors.