NEW YORK (TheStreet) --Shares of Itau Unibanco (ITUB) - Get Report are lower by 1.72% to $8.27 in early afternoon trading on Friday, as some U.S. traded Brazil-based stocks slide today due to the dip in the South American country's currency.
The real extended its weekly decline as Brazil's political issues weakened expectations that a new economic team put in place by acting President Michel Temer will be able to fix the country's economy quickly, Bloomberg reports.
The real fell by 0.9% to 3.6159 per dollar earlier this morning. The currency slumped by 2.6% this week.
Investors' concerns about Brazil's ongoing political crisis were amplified after recordings were released that suggested Temer's PMDB party was looking to block the corruption investigation started at state-run oil giant Petrobras (PBR, PBR.A), Bloomberg added.
Itau Unibanco is a Sao Paulo-based provider of financial products and services to individual and corporate clients in Brazil and around the world.