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2.Brazilian real and dollar: The US dollar (USD) to Brazilian real (BRL) spot exchange rate was 0.5793 USD / BRL on January 17, 2011. On

2.Brazilian real and dollar:

The US dollar (USD) to Brazilian real (BRL) spot exchange rate was 0.5793 USD / BRL on January 17, 2011. On September 21, 2010 it had been at 0.5934 USD / BRL. The 30-day forward rate on January 17, 2011 was 0.6039 USD/BRL.

i. Calculate the appreciation / depreciation of the BRL versus the USD. Did the BRL appreciate or depreciate against the USD?

ii. What was the forward premium / discount on the BRL versus USD?

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