Dollar drops to R$5.09 after fiscal framework announcement

Despite some volatility throughout the session, the financial market reacted positively to the announcement of the new tax framework released this Thursday (30) by the Minister of Finance, Fernando Haddad, and of Planning, Simone Tebet. The dollar fell to a nearly two-month low. The stock exchange rose almost 2% and closed at the highest level in 20 days.

The commercial dollar ended this Thursday sold at BRL 5.098, with a decrease of BRL 0.038 (-0.73%). The quotation fell to R$ 5.07 around 9:30 am. Later, after the announcement of the government’s proposal, it rose to R$5.15. However, as the details began to be disclosed, the quotation fell again, until it firmed below R$ 5.10 near the end of the day.

Falling for the fifth day in a row, the US currency reached the lowest level since February 2, when it was at R$ 5.04. The currency accumulates a drop of 2.43% in March and drops 3.45% in 2023.

The announcement of the new fiscal milestone was also well received in the stock market. The B3 Ibovespa index closed at 103,713 points, up 1.81%. The indicator, which accumulates five highs, is at the highest level since the last day 9.

In addition to the announcement of the new fiscal framework, which will propose a spending growth limit in 70% of revenue variation accumulated in 12 months, the market was influenced by the exterior. The dollar fell against the main world currencies, following the cooling on the international level after banks with financial problems were bought by other financial institutions.

A Brazil Agency started to publish articles about the closure of the financial market only on extraordinary days, and no longer on a daily basis.