People walk with shopping bags in Manhattan on March 12, 2015 in New York City. Spencer Platt/Getty Images/AFP
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The effects of the plunging Brazilian currency are easy to spot on the streets of New York.Brazil's decadelong tourism binge is coming to an end.Even before the real fell another 15 percent against the dollar this year – part of a two-year, 36 percent tumble that sent it to a 12-year low last week – Brazilians were already paring back their spending on overseas trips. Tavares bought dollars for 3.10 reals just a few days after her friend, Maria Ester de Barros, paid 2.99 .Saulo Gaiao, a restaurant owner in the coastal city of Recife, was also caught offguard. The real had fallen about 20 percent from the time he booked the trip to the time he arrived in New York with his wife and two kids. Even after posting a 5 percent rebound over the past two days, its decline this year is still the worst among the 31 most-traded currencies against the dollar. The currency slid 0.3 percent to 3.1433 per U.S. dollar Tuesday as of 11:04 a.m. in New York.
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