São Paulo - On the day that the Monetary Policy Committee (Copom) released the minutes of its last meeting, in which it explained why it left the Selic at 16.5%, the São Paulo stock market (Bovespa) dropped sharply, down 6.14%, closing at 22,386, down from 23,849 at the opening.

Meanwhile the commercial dollar rose 1.27%, closing at R$2.930 (buy) and R$2.933 (sell). The Brazil risk premium rose 15% to 509. (AB)