The dollar falls and returns to R$ 3,15, its lowest level in 3 months.

By Claudia Violante

SAO PAULO (Reuters) - The dollar fell nearly 1 percent and closed at its lowest level in three months on Friday, back to the 3,15 reais mark, after weaker data on the U.S. economy slightly eased bets that the Federal Reserve, the U.S. central bank, might raise interest rates more than expected.

The downward bias of the US dollar emerged early on, in an adjustment movement after two sessions of some gains and amid expectations of capital inflows due to recent corporate fundraising.

The dollar fell 0,90 percent to 3,1520 reais on the sell side, its lowest level since 3,1423 reais on October 26, 2016. In the two previous sessions, it had accumulated a gain of 0,37 percent.

The US dollar also marked its sixth consecutive week of decline, with an accumulated loss of 7 percent. The dollar futures contract was trading down about 0,90 percent late this afternoon.

The U.S. economy grew 1,9 percent in the fourth quarter of 2016, down from the 2,2 percent reported in a Reuters poll and significantly lower than the 3,5 percent increase in the third quarter. Performance was hampered by soybean exports, but stable consumer spending and increased business investment suggest the economy will continue to grow.

With weaker data, inflationary pressure tends to decrease, reducing bets that the Fed might raise interest rates even further. This scenario of higher interest rates began to take shape with Donald Trump's victory in the US presidential election, amid fears that his economic policy would be inflationary, which could lead the Fed to raise local interest rates even more, attracting resources currently invested in other markets, such as Brazil, to the world's largest economy.

Abroad, the dollar rose slightly again, after having fallen, against a basket of currencies shortly after the release of US Gross Domestic Product (GDP) data. Against other emerging market currencies, the dollar weakened in this trading session, such as against the Mexican peso.

Domestically, the possibility of capital inflows remained on investors' horizon, with the fundraising window open for Brazilian companies, contributing to maintaining the downward trend of the US dollar.

This month, one of the highlights was Petrobras, which launched $4 billion in bonds on the international market in two tranches.

The Brazilian Central Bank sold the entire lot of up to 15 traditional swaps -- equivalent to the future sale of dollars -- to roll over the maturities of contracts in February.

With this auction, the Central Bank has already sold the equivalent of $5,7 billion to roll over the total of $6,431 billion that matures in February.