The iShares MSCI Brazil Capped ETF (NYSEArca: EWZ) is not the only Brazil ETF benefiting from President Dilma Rousseff’s increasing vulnerability.

As support has eroded for the once popular Rousseff, the once downtrodden Brazilian real has gained steam. Over the past month, the WisdomTree Brazilian Real ETF (NYSEArca: BZF) is up nearly 3.6%. Over the past 90 days, BZF has surged 12.5% as the real has been one of the top emerging markets currencies. [Stable Outlook Lifts Brazilian Real]

Brazilian equities and the real have been rising as polls show waning support for Rousseff. Last week, a poll showed just 37% of those surveyed support Rousseff, down from 43% in February. EWZ gained 4.4% last week, while BZF was higher by three-quarters of a percent. [Rousseff’s Woes Good for Brazil ETFs]

One currency strategist quoted by Bloomberg said the real has moved higher after the publication of every poll that has shown decreased for support for Rousseff.

The real has also firmed in the face of a lower credit rating for Brazil. In late March, Standard & Poor’s trimmed its sovereign debt rating on Latin America’s largest economy to BBB-, the lowest investment grade. [Brazil ETFs Deal With S&P Downgrade]

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