Demand for exchange houses in Brazil increased by 20% in October, compared to the previous month. The data are part of a survey by the Brazilian Exchange Association (Abracam), carried out at the request of the CNN and released this Monday (31).
One of the reasons is seasonality. According to Abracam, the proximity to the end-of-year festivities and the month of January, the school vacation period, make the search for the dollar increase.
“The month started warmer due to the dollar price that suffered a reduction. Whenever the currency falls, the demand among Brazilians increases, mainly from those people who are already planning to travel abroad”, highlights the excerpt from the document obtained by the CNN .
In the last 30 days, the US currency maintained an average price of R$ 5.25, according to Ibovespa data. In the month of September, for example, this average value was R$ 5.40.
In October, the dollar accumulates a fall of 1.7%, and, in the year, of 4.9%.
According to the executive president of Abracam, Kelly Massaro, the ‘race’ for the dollar is not related to the election period. She states, however, that future business with the American currency expects an outcome of the presidential election, which took place this Sunday (30).
“The fierce electoral dispute does not change the scenario present in exchange offices, but it already shows a trend. For foreign businesses, the moment is one of retraction and conservatism until there is a direction after the elections”, said Kelly Massaro.
Source: CNN Brasil
Joe Jameson, a technology journalist with over 2 years of experience, writes for top online news websites. Specializing in the field of technology, Joe provides insights into the latest advancements in the industry. Currently, he contributes to covering the world stock market.
