Brazilian Real Soars To 6-month High After Former President Detained

By Joseph Adinolfi Markets MarketWatch Pulse

The Brazilian real jumped to a six-month high against the dollar Friday after Brazilian authorities said they had detained former president Luiz Inacio Lula da Silva. The dollar sunk to 3.68 real, compared with 3.80 real late Thursday in New York. Authorities say they have evidence that da Silva profited from a bid-rigging and bribery ring involving state-owned oil company Petroleo Brasileiro SA, The Wall Street Journal reported. No formal charges have been filed against da Silva.

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