NEW YORK (TheStreet) -- Shares of Banco Bradesco (BBD) - Get Report are down by 2.3% to $7.02 in midday trading on Tuesday, as the decline in the Brazilian real weighs on some U.S. traded stocks that are based in the South American country.
The real was down by 2.1% to 3.5656 per dollar earlier today. The currency is being pressured for a second day after Brazil's central bank on Monday stepped in to weaken the real.
Concern that China's economy is falling lessened demand for risky assets, which also hurt the real, Bloomberg reports.
The real fell after Brazil's monetary authority sold 9,800 reverse swaps, a move that is equal to buying $490 million in the futures market. The S&P GSCI Commodity index fell by 2.1% after it lost 1.5% on Monday, Bloomberg added.
This weakened the outlook for inflows into Brazil from exports soy, iron ore and oil.
"There is a broad move counter to emerging markets that has been in effect today," Sacha Tihanyi, a senior emerging-market strategist at TD Securities told Bloomberg. "Meanwhile, the central bank reverse swap action definitely has a significant impact and the Brazilian industrial production number doesn't help the real."
Banco Bradesco is a Sao Paulo-based multiple service bank that offers clients in Brazil and around the world a variety of financial products and services.