This should be sufficient time, in a world in which time is measured in nanoseconds, for the real to stabilize. If it is to be a trade off between a lower currency and higher interest rates, the data is clear. This is only one-fifth the increase in the deficit that would result from a 10 percentage point hike in interest rate. Brazil's private sector would also benefit enormously from lower interest rates. This has exacerbated the difficulty in finding lenders willing to roll over the debt or grant new lines of credit.
Currency markets are prone to overshoot and the real is likely to do the same.
In fact, some would argue it has already depreciated more than warranted. The overshoot may be necessary to rekindle the animal spirits of risk taking and make the real or Brazilian assets in general irresistible. This is what has happened in many of the countries hit by crisis from Italy and Sweden, to Mexico, South Korea, and Thailand. Those currencies tended to strengthen as interest rates fell after their crises. Russia is a notable exception, but get real, Brazil is no Russia.