The Brazilian currency remains the most undervalued in Latin America despite its rally since end-of-October, according to Deutsche Bank AG. The currency could approach 4.5 per dollar next quarter, an almost 15% gain from current levels, with the passage of a new budget, Deutsche Bank analysts led by Chief Economist Sebastian A. Brown wrote in a note last Friday. The Mexican peso, on the other hand, may see only moderate gains as valuations are less appealing after recent advances.

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