Oct 08, 2008. /Lesprom.com/. Brazilian paper and pulp maker Aracruz announced it has suffered $1 billion in recent currency-related losses, causing its shares to lose a quarter of their value on the local exchange. Aracruz Celulose SA said that its derivative investments — financial instruments that can be used to hedge against currency losses — have been "extraordinarily influenced by the recent extreme instability of the global financial markets." The dollar has made huge gains against the Brazilian real since August, hurting some commodity exporters, as their derivative investments fall on the acceleration of the dollar's worth. The Brazilian government insists the nation's economy is better protected against global turmoil now than in past years. But in the past week, officials have said companies here are feeling the effects of tightening credit markets and volatile equity and currency markets.