the real slided against the green from the end of july to mid-september.i'm not sure the real will continue to bolster as it has very recently done. what do you think ?

real interest rates in Brazil are amongst the highest in the world. also, its an expensive short.

Local players are long USDBRL. If you want to short Buy some ATMS puts because the Forward makes them really cheap

Here in Brazil, some big players still carries long position in USDBRL, but they say the upside of this position is not so much as some months ago. Focus research (Central Bank with local players) gave us maximum of R$ 4,50 / US$ 1 of Exchange rate to december,16. If you consider the overnight rate 14,25%, There is a upside to stay long, but now you should consider the opportunity cost when you comparing the overnight rate in 14,25% per year. (local player vision). For foreigners, the central bank give you a hedge (swap operations), so is very easy to make arbitrage operations without currency risk.