Brazil has raised its benchmark interest rate to 9% from 8.5% in a further attempt to rein in inflation. A fall in the value of the Brazilian real has stoked inflation, currently 6.15%. The currency's fall has been blamed on an outflow of capital triggered by expectation that the US Fed will end its stimulus policy, leading to a stronger dollar. The real has lost 20% of its value against the dollar since the start of the year.
Other emerging nations, including in southeast Asia, have suffered similar currency problems. BBC News - Brazil raises interest rate to 9% to battle inflation