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Stock market closes more than 1% on a nervous day; dollar hits R$ 5.68

On another nervous day in the financial market, the stock market closed down 1%. The Ibovespa index, of the B3 (the Brazilian stock market), closed this Tuesday (29) at 93,580 points, with a drop of 1.15%.

With today’s performance, the indicator is at its lowest level since 16 June, when it closed at 93,531 points. After retreating 2.4% yesterday (28), the Ibovespa even outlined recovery in the first hours of the trading session, but soon lost strength during the session.

In the foreign exchange market, the dollar closed the session at R$ 5.643, up slightly by 0.14%. The exchange rate fluctuated sharply. After starting the day in decline, falling to R$ 5.61 just before 10 am, the currency rose sharply, reaching R$ 5.68 at the high of the day, around 1 pm. The currency slowed down during the afternoon until closing close to stability.

The financial market remains under stress after the announcement of the proposal to use resources from the Union’s precatoria and the Fund for the Maintenance and Development of Basic Education and the Valuation of Education Professionals (Fundeb). This afternoon, the Secretary of the Treasury, Bruno Funchal, said that the reaction of investors represents a warning .

In the assessment of the Secretary of the Treasury, the solution to overcome the impasse in relation to the sources of resources for the Citizen Income is the debate with the government and the market showing the limitations of the proposals presented. “The process we are going through is important. It is being troubled, but it is important for society to be together and understand what the alternatives are”, declared Funchal.