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The aim of this work was to study the physiological responses of Eucalyptus genotypes seedlings to water availability and potassium fertilization. The plants were grown in pots filled with 7 L of the Quartzenic Neosoil, with low natural content potassium (0,2 mmolc.dm-3 K), and submitted to two irrigation regimes (IR1 – diary and IR2 - cessation of watering until visible wilting occurred), no (K0) and with (K1 - 200 mg.dm-3 K2O) potassium fertilization in greenhouse condition. Photosynthetic rate (A), stomatal conductance (gs), transpiration (E), chlorophyll content index (CCI), relative water content (RWC), photochemical efficiency (Fv/Fm), intrinsic water-use-efficiency (iWUE), instantaneous water-use efficiency (WUE) and leaf water potential (Ψf ) were measured in all plants. The experiment was arranged in randomized block design, in the 5x2x2 factorial schemes with five replicates. Except photochemical efficiency, all physiological traits were significantly affected by water stress with decreased in A, gs and E values and increased in the CCI and iWUE. The application of potassium in water-stressed plants (IR2) promoted higher A, gs, E and RWC. Among genotypes examined, G1 may be considered as the most tolerant and G2 as the most susceptive to water stress. It is concluded that potassium application, could ameliorate negative effects of water stress on early growth stages of Eucalyptus genotypes.