The Brazilian high-yielding currency, declined for almost a week as concerns regarding the global rose, but today it rebounded as commodities rallied, spurring demand for the South American country’s currency.

The Brazilian real, which started the week with a bearish movement due to rising concerns regarding the global slump depth, recovered its losses on favorable domestic economic reports.

The Brazilian Real, which posted the best quarterly performance since it was introduced 15 years ago, is set to prolong its rally, as former central banker bets on the South American economy ability to rebound quickly, spurring demand for the national currency.

The Brazilian currency rebounded its previous week losses posting two days of significant gains versus main currencies before a massive IPO in the nation’s stock exchange, which is likely to attract a great influx of foreign capital to the country’s financial system.

The Brazilian currency had the worst performance among the most traded currencies, as confused signals about the world economic situation increased risk aversion among traders, which are leaving high-yielding currencies to purchase safer assets.

The Brazilian currency dropped to the lowest level in two weeks after weak global economic data decreased confidence among investors, attracted by safety and damping demand for commodities and emergent markets currencies.

The Brazilian currency continued its rally against the dollar, euro, as the demand for commodities continues to rise on improved economic conditions mainly in Asia, spurring demand for assets in emergent markets.

Brazil’s Real had the largest drop in six months falling 2.2 percent against the U.S. dollar and declining from an eight-month high, as commodities and stocks declined, reducing capital influx to South America’s most influential economy.

The Brazilian currency had the sharpest rise in seven days after the country’s first current account surplus in 19 months was posted this week, pushing the national equities market up.

The Brazilian currency has been rallying against the dollar since risk appetite has increased last week on global markets, a rise in commodity prices and the domestic stock market helped the currency to strengthen.