NEW YORK (TheStreet) -- Shares of Banco Bradesco (BBD) - Get Report are down by 0.54% to $5.50 in midday trading on Friday afternoon, as Brazil deals with a range of economic issues including a battered currency, a rise in the unemployment rate and a forecast for a deeper recession, the Wall Street Journal reports.
Banco Bradesco is a Sao Paulo-based banking company that offers customers in Brazil a wide variety of financial products and services.
On Thursday, the real hit a new intraday low of 4.24 reais per dollar which led the head of the country's central bank, Alexandre Tombini, to announce that Brazil may dip into its $371 billion in reserves in order to keep the currency from declining further, the Journal added.
Brazil's unemployment rate grew to 7.6% in August, the eighth consecutive monthly growth and the country's inflation rate is nearing 10%, the Journal noted. Brazil's budget shortfall is standing at almost 8% of annual economic output, a major factor in S&P's decision to cut the country's investment credit rating to junk.