The value of the U.S. dollar against the Brazilian Real fell 1.51 percent on Wednesday, with the Real-dollar exchange rate closing at 1.629 reais per dollar.
The drop was the lowest since Aug. 27, 2008, before the outbreak of the international financial crisis. It was the sharpest exchange rate fall registered in a single day since June 2010.
In the week, the U.S. dollar accumulated a depreciation of 1.87 percent against the Real. The U.S. currency fell 2.04 percent in March and 2.22 percent in 2011.
The appreciation of the Real has prompted the Brazilian Central Bank to adopt multiple measures over the past few months to curb it.
The measures include changes in the cash reserve ratio, several dollar purchases in the spot market and some tax raises. They also aim at halting dollar inflow.
However, so far the measures have failed to produce the desired result. The dollar’s value continues to shrink and the net dollar inflow from January to mid-March surpassed that registered in the entire last year.