Lowest US Dollar quotation since 1999
The Brazilian Real reached the mark of 1,544 for 1 US $, which hasn't happened for the last 12 years. The Brazilian Central Bank is trying intervene for months throwing US Dollars on the market in order to keep the exchange rate more favorable for Brazilian exports, but with no much success so far.
This development on the currency market is starting to influence again also the prices on the market for short-term apartment rentals in Rio de Janeiro. The rates in US $ for luxury penthouses and apartments in Ipanema and Copacabana started growing again. After more than 15 years of owners quoting their apartments in foreign currencies, more and more of them are starting to use the only the local currency, which makes the penthouses and the apartments for foreigners pretty spicy. Despite that, the apartments are still the more economical option considering the high prices of the hotels in Rio.