NEW YORK (TheStreet) -- Shares of Itau Unibanco (ITUB) - Get Itau Unibanco Banco Holding SA American Depositary Shares (Each repstg 500 Preferred shares) Report are soaring higher by 4.43% to $8.72 on Monday afternoon, as some U.S. traded Brazil-based stocks get a boost from the rise in the Brazilian real.
The real moved up by 1% in Sao Paulo this morning to 3.6427 per dollar as speculation rises that Brazil President Dilma Rousseff will be impeached as more of her political allies abandon her, Bloomberg reports.
The value of the currency was driven higher as reports surfaced that the largest party in Brazil's congress might leave the group as early as tomorrow.
If the PMDB leaves the government other parties may do the same, Bloomberg added.
It is believed by some that an impeachment of Brazil's president may be the best way to help the country out of its current economic and political crisis. Brazil is currently dealing with its worst recession in 100 years.
Itau Unibanco is a Sao Paulo-based holding company that provides a variety of financial products and services to clients in Brazil.