Brazilian currency drops against the US dollar

June 6, 2018 GMT

SAO PAULO (AP) — Brazil’s currency is dropping against the U.S. dollar amid political and economic uncertainties in Latin America’s largest economy.

Brazil’s real was trading around $0.26 on Wednesday. That’s the lowest price since March 2016.

The dollar has risen recently against many currencies, but analysts say the slide of the real can be attributed in part to investor concerns over a recent nationwide trucker’s strike that resulted in food and fuel shortages and rumors of new work stoppages.

The uncertainty surrounding the upcoming general elections is also mentioned as a reason for investor concerns.

Luiz Roberto Monteiro of the Renascenca brokerage firm told the O Globo newspaper that, “Centrist candidates are not doing well at the polls and this worries the market,”