The Brazilian real fell to a record low against the dollar Wednesday as weak manufacturing data out of China weighed on commodity-linked emerging-market currencies. The real traded as low as 4.14 to the dollar, before recovering slightly to 4.11 in recent trading. The real has shed more than a third of its value against the dollar so far this year, and about half of its value since the beginning of 2013. Like other emerging-market currencies, the real has been hurt by expectations of an impending interest-rate hike from the Federal Reserve and slowing growth in China. Brazil's economy is largely dependent on commodity exports, and China is one of its largest trading partners. Political instability in Brasil has added to pressure on the currency, scaring away investors. Brazilian President Dilma Rousseff has had difficulty passing fiscal reforms through the country's legislature. Rousseff's pull with lawmakers evaporated in the wake of a wide-ranging corruption scandal at state-owned energy firm Petrobras.
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