NEW YORK (TheStreet) -- Itau Unibanco (ITUB) - Get Report stock is sliding by 1.73% to $6.26 in early afternoon trading on Thursday, as the Brazilian real tumbles to fresh all-time lows as the country struggles politically and economically.
In its sixth straight day of declines, the Brazilian real fell today by 0.7% to a record low of 4.23 per dollar, despite two interventions by the central bank yesterday that were meant to prop up the currency, MarketWatch reports.
The higher the real is to the dollar, the weaker the currency. Before this week, the real hadn't closed above four per dollar since its introduction in 1994, according to Reuters.
So far this year, the real has declined 37%, as Brazil faces its longest economic recession since the 1930's as well as political divisions between lawmakers and President Dilma Rousseff that investors fear will interfere with Rousseff's proposed spending cuts and tax increases, Bloomberg reports.
The S&P downgraded Brazil's sovereign rating to junk earlier this month, citing the country's budget deficit.
Itau Unibanco, based in Sao Paulo, Brazil, provides a range of financial products and services to individual and corporate clients in Brazil.