Brazil's president will not be resigning Tuesday, despite rumors that she may step down ahead of further impeachment proceedings.
In an email to CNBC, a spokesman for Dilma Rousseff denied market whispers that she would leave her post. Rousseff is in the middle of an impeachment process and may face ejection from office as early as this week.
A slate of Brazilian assets rose in trading Tuesday, one day after taking a hit on worries that the impeachment of the country's president could be put on hold.
Brazil's currency, the real, popped about 1.3 percent against the dollar, after taking a hit against the greenback on Monday. Brazil's benchmark stock index, the , rose 3.8 percent.
The iShares MSCI Brazil Capped ETF (EWZ) also advanced amid the speculation, rising 5.5 percent.
The Bovespa and real both dove Monday after the acting leader of Brazil's lower house annulled an earlier vote on the president's impeachment, citing procedural flaws. The news threw expectations for the week into disarray.
A senate vote will go forward on Wednesday despite the disruption in the lower house. A simple majority will result in a trial. In a separate vote that could follow in two or three months, a two-thirds majority would result in Rousseff's immediate removal from office. She would also be banned from political life for eight years.
Rousseff faces impeachment over allegations that she mismanaged the country's budget.
—CNBC's Michelle Caruso-Cabrera and Silvana Ordonez contributed to this report.