Asian financial crisis and the Thai baht. On July 3, 1997, the Thai baht was unpegged from the U.S. dollar and promptly depreciated from THB 25 = US$1 to THB 60 = US$1. What was the baht’s percentage depreciation against the US$?

Compute the percentage depreciation/appreciation of the baht from the U.S.

dollar perspective. Do you get the same result with a minus sign as you did from the baht’s perspective? Explain.