NEW YORK (TheStreet) -- Itau Unibanco Holding (ITUB) - Get Reportstock is up 1.64% to $6.82 in midday trading on Monday as the Brazilian real gains.

The currency is increasing due to rising dollar inflows from local exporters, Bloomberg reports.

The real has dropped about 32% this year as the country faces the longest recession since the 1930s, Bloomberg reports. 

"Trading volume is considerably low, so any move tends to have a more significant impact on the real," Ricardo Gomes da Silva, a foreign-exchange director at CorrepartiCorretorade Cambio, told Bloomberg. "Still, the focus remains on Brazil's fiscal front."

The real increased 1.4% to 3.8883 per dollar at 1:26 p.m. in Sao Paulo, according to Bloomberg.

Based in Sao Paulo, Itau Unibanco offers a range of financial services to individual and corporate clients.

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