May 7, 2020 / 12:18 PM / 19 days ago

Brazil's real hits new low after bigger-than-expected rate cut

BRASILIA, May 7 (Reuters) - Brazil’s real fell more than 1% in early trading on Thursday to a fresh record low near 5.80 per dollar, after the central bank’s surprisingly large interest rate cut the previous evening.

The central bank slashed its benchmark Selic rate by 75 basis points to a record-low 3.00% and indicated it could repeat the dose at its next meeting, as it battles the deepening economic crisis fueled by the coronavirus pandemic. (Reporting by Jamie McGeever Editing by Chizu Nomiyama)

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