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Brazil's Real Weakens on Banco Master Fraud Probe Expansion

Brazil's currency declined Wednesday as investigators widened their focus in a sprawling banking fraud case that has ensnared prominent political figures. Federal police have targeted Senator Ciro Nogueira as part of the expanding Banco Master investigation. Nogueira is a longtime Bolsonaro ally and influential congressional operator whose previously untouchable position in the chamber now faces serious threat from the probe. The real's weakness prompted the Central Bank to intervene in currency futures markets, marking its first such action in a decade as policymakers moved to contain volatility. The banking scandal has deepened amid broader turmoil in Brazil's financial sector, with regulators intensifying scrutiny of institutions and political networks tied to the failed lender.