Real Climbs

Brazil’s currency rose to 2.36 reais per US dollar Wednesday as the highest domestic interest rates since 2003 attract increased investment in the country’s local debt markets. The real has gained 13 percent against the dollar this year. Investors are increasing their holdings of Brazilian sovereign bonds, which pay as much as 16 percentage points more than comparable US debt. The strengthened real, however, is crimping exports and slowing economic growth.