It had to happen.
Brasil's currency...the real...has quickly touched a new low...1.7963 vs usd...last seen in July 2010.
It has lost 13% since 27 July...when the government imposed a 1% tax on currency derivatives to weaken it.
Uncertainties in world markets, growing risk aversion and Brasilia's new regulations have finally touched the once high flying currency.
The real had surged a spectacular 49% since the end of 2008...crippling exports.
Yet it remains well ahead of its three-year low of 2.6202...after the December 2008 collapse of Lehman Brothers.