The yield on the Brazilian interest-rate futures contract due in January 2014 decreased nine basis points, or 0.09 percentage point, to 8.38 percent. The Bovespa index of stocks fell 3.2 percent to 57,539.61, its lowest closing level this year.
Brazil’s currency dropped as Mantega told reporters in Brasilia that the stronger dollar is good for the economy because it makes imports more expensive and exports cheaper.
“The government has never set parameters for the dollar and will not do so,” he said. “The dollar floats, and therefore will fluctuate according to the market.”