(MENAFN- AFP) Brazil's currency, the real, continued its fall Wednesday, slipping to 4.057 to the dollar for a new low amid deepening economic woes in South America's largest country.
The real had begun the day with a slight uptick before quickly losing ground.
Late Tuesday, the government revised its GDP projections for the year, forecasting a 2.44 percent contraction instead of its previous estimate of 1.49 percent.
Brazil, the world's seventh-largest economy, is struggling with an economic recession, high inflation and rising unemployment.
With her public approval ratings in single digits, President Dilma Rousseff has been stymied in her efforts to get a crucial fiscal austerity plan through a restive Congress.
Two weeks ago, Standard & Poor's downgraded Brazil's sovereign credit rating to junk status in a major blow to confidence.
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