Itau Unibanco (ITUB) Stock Falls on Declining Real

Itau Unibanco (ITUB) stock is down in midday trading on Friday as the Brazilian real slides.
By Amanda Albright ,

NEW YORK (TheStreet) -- Itau Unibanco Holding (ITUB) - Get Report stock is falling 1.64% to $7.24 in midday trading on Friday, as the Brazilian real sinks further.

Slowing credit growth in China has weakened the outlook for commodities exporters, Bloomberg reports. 

The real declined 1.3% to 3.8203 per U.S. dollar as of 2:33 p.m. in Sao Paulo, according to Bloomberg.

"The dollar is stronger against a series of emerging-market currencies," Joao Paulo de Gracia Correa, a foreign-exchange manager at SLW Corretora de Valores, told Bloomberg. "In Brazil, with so much uncertainty on the fiscal and political fronts, there is pressure for the real to decline further."

Itau Unibanco, which offers financial products and services to clients, is based in Sao Paulo.

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