Jeffrey T. Lewis – The Wall Street Journal, 03/04/2015
The Brazilian real plummeted against the dollar Wednesday as a burgeoning scandal at state-controlled oil company Petrobras and a steady stream of bad economic indicators pushed investors to seek safety in the U.S. currency.
The real was trading at 2.9755 at 11:21 a.m. São Paulo time, according to Tullett Prebon via FactSet, the weakest level since 2004. The real closed at 2.9111 on Tuesday.
On Tuesday night, Brazil’s attorney general asked the country’s Supreme Court for permission to proceed with investigations against a number of politicians, and local news media have reported that several prominent politicians have been implicated.