Why Itau Unibanco (ITUB) Stock is Rising Today

Itau Unibanco (ITUB) stock is rising in mid-afternoon trading today, as the Brazilian real rises.
By Amanda Albright ,

NEW YORK (TheStreet) -- Itau Unibanco Holding (ITUB) - Get Reportstock is up by 1.42% to $7.51 in early afternoon trading on Thursday, as Brazil's real rises and supports some Brazil-based stocks. 

Brazil's real rose after the country's central bank said it would intervene in the currency market, Bloomberg reports. 

Brazilian lawmakers also postponed a vote on a measure that could help reduce the country's fiscal debt. 

"The political scenario in Brazil remains very weak, and the central bank acting gives some support," Ricardo Gomes da Silva, a currency trader at Correparti Corretora de Cambio, told Bloomberg. "Still, there is a tendency for the real to weaken further from this current level."

The real increased by 0.5% to 3.7822 per dollar in Sao Paolo this afternoon.

Itau Unibanco is a Sao Paulo-based company that provides financial products and services in Brazil.

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