One Reason Itau Unibanco (ITUB) Stock is Higher
NEW YORK (TheStreet) -- Itau Unibanco (ITUB) stock is climbing, up by 2.35% to $7.39 in late afternoon trading on Tuesday, as the real gains on central bank intervention in the Brazilian currency market.
The Brazilian central bank offered to auction about $500 million in foreign-currency credit lines today, Bloomberg reports, which has overshadowed concerns that the country's Finance Minister Joaquim Levy could resign.
"A departure by Levy could lead to more downgrades for Brazil," Bernd Berg, director of emerging market strategy at Societe Generale, told Bloomberg. "That would put pressure on the real in the short-term."
The real increased by 0.2% to 3.7919 per dollar at 4:42 p.m. in Sao Paulo, according to Bloomberg.
Itau Unibanco, which provides a range of financial products and services, is based in Sao Paulo, Brazil.
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