An Overview of the Brazil Exchange Rate
Globalization has erased boundaries between countries and with more and more companies looking for hiring talent overseas and outsourcing work, it is good to know the exchange rate for currencies.
History of the Brazilian Currency
The official currency of Brazil is the Brazilian real (written as BRL or R$), the term real in Portuguese (which is the official language of the country) stands for both ‘real’ and ‘royal’. The modern day real was introduced back in the year 1994, in an attempt to initiate a monetary reform that would put an end to almost 3 decades of inflation.
The currency is used both in Brazil and also at the Brazil-Uruguay border, which is a hotspot for shoppers who flock to gain advantage of duty-free products.
At the time of its inception, the Brazilian real had the same value as that of a US dollar and its exchange rate was fixed at the ratio of 1:1. However, over the years the real has suffered constant devaluation and has inched down the Brazil exchange rate board, from 2:1 to almost 4:1 against US dollar in the year 2002.
With time, the Brazilian economy has improved and so did the value of the currency. Today, the Brazil exchange rate is at a much better position in terms of currencies of different developed countries.
Current Brazilian Exchange Rate
The central bank of the country is Banco Central Do Brasil and the exchange rate of 1BRL as opposed to the major currencies in the world as of 3rd August 2012 is listed below:
US Dollar (USD) – 0.49298
Great Britain Pound (GBP) – 0.31509
Argentina Peso (ARS) – 2.26029
Canadian Dollar (CAD) – 0.49359
Australian Dollar (AUD) – 0.46639
Swiss Franc (CHF) – 0.47843
Chilean Peso (CLP) – 237.121
Indian Rupee (INR) – 27.4833
The current inflation rate in Brazil is 5.2%.