Brazil currency weakens after biggest interest rate hike since 2002
SAO PAULO, Oct 28 (Reuters) - Brazil's currency weakened more than 1% in Thursday trading after the country's biggest interest rate increase in nearly two decades raised risks of an economic downturn next year.
The central bank raised its benchmark rate 150 basis points to 7.75% on Wednesday evening, hiking more aggressively than expected by all but a handful of economists in a Reuters poll. (Reporting by Gabriel Araujo Writing by Brad Haynes Editing by Daniel Flynn)