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Brazil's FX rate likely overshot - economy minister

·1 min read

BRASILIA, Nov 23 (Reuters) - Brazil's Economy Minister Paulo Guedes said on Monday that the real's exchange rate, which hit a record low in May and has lost around 30% of its value against the dollar this year, probably overshot.

In an online event hosted by financial research firm Empiricus and fintech Vitreo, Guedes said the economy is much healthier with its current policy mix of low interest rates and a weak exchange rate although the real overshot beyond its equilibrium level of around 5.00 per dollar.

In May it weakened to almost 6.00 per dollar, and on Monday ended trading around 5.45 per dollar. (Reporting by Jamie McGeever and Marcela Ayres)