Brazilian currency at highest level since 1999

Brazil's real soared Monday to its highest level against the dollar since 1999, when the South American giant delinked from the US currency. The dollar was buying 1.53 reals at midday on financial markets, representing a 0.9 percent increase from Friday. The dollar closed somewhat higher at 1.54 reals. The latest jump came despite efforts by the Brazilian government to stem the rise of the real, which can hurt the economy by making exports from the emerging economy more expensive. Brazil's central bank has spent some $36 billion intervening in the markets in an effort to slow the rise of the real in the first six months of the year. The government has also slapped taxes on financial transactions to discourage speculative investments from abroad. Brazilian officials both criticized the United States for flooding the world with cheapening dollars and China for not floating its currency.