With the dollar heading down in a hurry, the new hot trade consists of shorting the greenback to take advantage of higher interest rates overseas.

As the dollar slumps to one-year lows, investors are borrowing the currency at near-record-low interest rates, and then selling those dollars for foreign currencies.

Investors then use those currencies to buy securities offering yields up to 8 percentage points higher than U.S. securities, Bloomberg reports.

Those trades, known as “carry trades,” now provide their highest returns in more than nine years, according to Bloomberg.

“The dollar is the big funding currency,” Jonathan Clark, vice chairman of FX Concepts, the

world’s largest currency hedge fund, told Bloomberg.

“The reason why people are borrowing the U.S. dollar for carry trade is A: It’s very cheap to fund, and B: The expectation is it’s going to go down.”

Until recently, the yen was the currency of choice for the carry trade. But using the dollar became more profitable and less risky than the yen last month for the first time since March 2008, Bloomberg data show.

“Interest rates between Japan and the U.S. are fairly comparable right now, which is incredibly unusual. Much of the past 20 years or so, the yen has been the funding currency of choice,”

Bilal Hafeez of Deutsche Bank, told Bloomberg.

Many remain negative on the dollar.

"The recent breakdown opens the door for more moves down," Richard Ross of Auerbach Grayson tells CNNMoney.com.