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Brazil's currency extends losses, down 3 pct

Wed Nov 19, 2008 11:55am EST

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SAO PAULO, Nov 19 (Reuters) - Brazil's currency weakened 3 percent in afternoon trading on Wednesday, slumping in line with the local stock market as fears about the health of the U.S. economy battered global financial markets.

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The real (BRBY) tumbled to 2.397 per U.S. dollar from 2.325 on Tuesday, when it weakened 2 percent. The real has shed more than a third of its value since touching a nine-year high in early August.

The benchmark Bovespa index .BVSP of the Sao Paulo Stock Exchange was down 2 percent, reversing gains earlier in the session. (Reporting by Todd Benson; Editing by Tom Hals)

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