The dollar is weakening again against the real amid adjustments in Brazil and abroad.

SAO PAULO (Reuters) - The dollar retreated against the real on Thursday, reversing gains made the previous day, as investors resumed the process of correcting the currency's price in Brazil amid perceptions of exaggerated exchange rates last year and a new US government that is more moderate than expected.

The spot dollar closed down 0,49%, at R$5,7649 reais, the lowest rate since November 18 of last year, when it closed at R$5,7484.

At 17:13 PM on the B3 exchange, the first-maturity dollar futures contract was down 0,53%, at 5,790 reais for sale.

In a session devoid of news and economic data, investors positioned themselves based on external and domestic factors observed in recent sessions, which, as for most of this year, meant losses for the US dollar.

Domestically, the market resumed its recent repricing of Brazilian assets, again assessing that the prices recorded at the end of last year, amid concerns about the Brazilian fiscal scenario, were greatly exaggerated, which provides room for correction.

Before Wednesday's slight gain, the dollar fell against the Brazilian currency for twelve consecutive sessions and has now accumulated a loss of 6,7% for the year.

In December, on the other hand, the dollar was above R$6,00 in most sessions, driven, in particular, by concerns about public finances after the government announced a package of fiscal measures that displeased the market.

"The day has few clear drivers... The movement seems to be more of a correction and profit-taking, without a specific factor," said Leonel Mattos, Market Intelligence analyst at StoneX.

In the external scenario, markets continue to adjust their perception of the new US government under President Donald Trump, assessing that his continued tariff threats may be more of a political bargaining tactic than an effective economic strategy.

After imposing 25% tariffs on goods from Mexico and Canada over the weekend, Trump reached an agreement with the leaders of both countries on Monday to suspend the tariffs for 30 days in exchange for tighter border controls by his neighbors.

Regarding China, on the other hand, there has still been no agreement on the 10% tariff imposed by Trump, which has generated retaliation from Beijing. The trade impasse between the world's two largest economies is generating caution in global markets.

"There is still some apprehension, but it was greater before. Trump has positioned himself in this pro-tariff stance, but to negotiate. The trend for the coming years, despite the volatility, is towards a protectionist policy, which affects world trade," said Rafael Sueishi, head of fixed income at Manchester Investimentos.

In the wake of readjusted expectations, the dollar also weakened against emerging market currencies, such as the Mexican peso, the South African rand, and the Chilean peso.

At the start of the session, the dollar rose against the real, in line with gains against emerging market currencies and following comments from President Luiz Inácio Lula da Silva that worried some financial agents.

Lula said, during an interview with radio stations Metrópole and Sociedade, both from Bahia, this morning that inflation is "totally under control" and that the government will present new credit measures in the "coming days".

The statements created the perception that the government was more concerned with stimulating the economy than with solving the problems of the trajectory of public debt and inflation above the target.

The dollar hit its daily high of R$5,8239 (+0,52%) at 9:14 AM, following Lula's comments and the currency's gains against emerging market currencies, before giving back those gains and starting to rise.

The session's low, at R$5,749 (-0,77%), was recorded at 15:37 PM, with the dollar recovering some losses before the end of trading.

The dollar index -- which measures the performance of the US currency against a basket of six currencies -- showed a positive variation of 0,01%, at 107,660.

Earlier, in its daily operation, the Central Bank sold 15.000 traditional currency swap contracts for the purpose of rolling over the maturity of March 5, 2025.