NEW YORK (TheStreet) -- Shares of Banco Bradesco (BBD) - Get Report are higher by 5% to $7.24 on Wednesday afternoon, as some U.S. traded Brazil-based stocks trade in the green today due to the rise in the real.
Banco Bradesco is a Sao Paulo-based multiple service bank offering clients in Brazil and abroad a variety of banking and financial services.
The real was up by 0.7% to 3.5327 per dollar earlier this afternoon
Brazil's currency gained after its central bank paused its intervention to weaken the real following its strong start to the year, Bloomberg reports.
The central bank paused its involvement with the currency as the Brazilian Supreme Court has been asked by a top prosecutor to authorize an investigation into President Dilma Rousseff and her predecessor.
The real has gained during periods of heightened speculation that President Rousseff will be ousted. A move many believe is an import step on the path to getting Brazil out of its current economic crisis.
"With all the optimism on the political front, there is a tendency for the real to gain in the short term," said Camila Abdelmalack, the chief economist of brokerage CM Capital Markets in Sao Paulo. "Since the central bank did not announce new auctions, we should continue to see the currency strengthening."