If the current spot rate is 38.10 Thai baht per U.S. dollar, the 10-year forward rate is 61.36 baht per dollar, and the current 10-year U.S. Treasury bond rate is 5 percent, the 10-year Thai risk-free rate (in nominal baht) can be estimated as follows:

61.36 = 38.10 (1 + Interest rate Thai bath )t / (1.05)10