FX.co ★ Brazilian Real Hits 11-Week High on Hormuz Reopening

The Brazilian real appreciated 0.21% to 4.90 per USD, marking its strongest level in 11 weeks. The move was supported by the reopening of the Strait of Hormuz, a significant development that has boosted global risk sentiment and pushed the US dollar lower (DXY -0.29%). The real has extended the sharp recovery that began in late March, as the weaker dollar has largely offset the impact of a 12% plunge in oil prices. With war-related concerns receding and global markets aiming for a strong close to the week, the Brazilian currency continues to rebound, moving back toward the levels last seen in early February.