SAO PAULO - Brazil's real closed trading on Monday stronger versus the U.S. dollar for the 11th consecutive session, marking its longest streak of gains since April 2005.

The Brazilian currency closed at 5.8159 reais per greenback, the strongest since Nov. 26, when it closed at 5.8096 reais per dollar. 

It weakened more than 1% against the dollar in early morning trading on Monday before reversing those losses after U.S. President Donald Trump agreed to pause tariffs on Mexico for a month, with the real closing 0.3% stronger.

Brazil's real weakened more than 20% last year against the U.S. dollar, after a sell-off in the final months of 2024 drove the Latin America currency to its weakest-ever amid investor distrust of the Brazilian government's fiscal policy and an outflow of resources.

Year-to-date, the Brazilian real has strengthened by nearly 6%.