The cost of a Big Mac in Sao Paolo has climbed above that in London and New York, but analysts are insistent that Brazil's currency is not overvalued.In a record-breaking run, the real has climbed 33 per cent in 2009, with forex market analysis from Bloomberg indicating that there is a strong probability the rise will continue through to the end of the year.With the cost of goods rising in the country, president Luiz Inacio Lula da Silva and finance minister Guido Mantega have warned that the continued appreciation may hurt exports and jobs. The duo introduced a tax last week to curtail the rise of the real.However, Goldman Sach's chief economist for Latin America Paulo Leme remained bullish on the real."The real will continue to appreciate and valuation now is really not an issue," he declared.According to the Economist's Big Mac Index, a popular measure of global purchasing power parity and currency valuation, the price of the burger in Brazil indicates that the real is overvalued against the dollar to the tune of 13 per cent.