Brazilian banks have begun betting against the real, the local currency, The Wall Street Journal reports. They have switched their foreign exchange futures positions from $6.3 billion in short-dollar positions in August to $1.3 billion in long-dollar positions in September.

The worsening global economic climate has seen banks invest more in U.S. dollars. Net dollar inflows into Brazil rose in the last week of September relative to the previous week, to $8.5 billion for the entire month, from $8.1 billion in the month through September 23.

Click here for the story from The Wall Street Journal.