June 7, 2018 / 11:33 PM / 12 days ago

Brazil's president says no risk of currency crisis

BRASILIA (Reuters) - Brazilian President Michel Temer said on Thursday there was “no risk” of a currency crisis in Latin America’s largest economy, after the exchange rate fell to its weakest in more than two years on fears over Brazil’s fiscal outlook and political future.

Brazil's President Michel Temer attends a ceremony to approve the goal of the National Biofuels Policy RenovaBio at the Planalto Palace in Brasilia, Brazil, June 5, 2018. REUTERS/Adriano Machado

Temer said in a televised interview that Brazil has significant foreign currency reserves and he blamed the real’s devaluation partly on higher U.S. interest rates, which he said were impacting other countries’ currencies. However, he acknowledged Brazil’s wide-open presidential election in October was concerning investors.

Reporting by Lisandra Paraguassu; Writing by Tatiana Bautzer; Editing by Daniel Flynn and James Dalgleish

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