Brazil’s real led global losses as a weakening economic outlook overshadowed central bank measures to support the currency.

The real fell 1.2 percent, to 2.7153 per U.S. dollar, at 5 p.m. in Sao Paulo, the most among 31 major counterparts. Swap rates, a gauge of expectations for changes in Brazil’s borrowing costs, climbed 0.09 percentage point to 12.84 percent on the contract maturing in January 2016. The currency posted on Friday a weekly drop of 3.8 percent, its biggest since September.

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