The Brazilian Real erased early losses on Tuesday after state prosecutors charged Workers Party vice presidential candidate Fernando Haddad with corruption, driving investors to pare bets on his electoral strength.
The Brazilian Real slumped on Monday as mounting concerns over this year's presidential election added to global risk aversion, while the Argentine peso extended a recent sell-off that also spread into stock markets in Latin America.
After last week's global rout, Asian markets struggled to hold early gains with analysts warning of further volatility across trading markets.