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In May 1997, George Soros started shorting Thai Baht for U.S. dollar with a forward contract. As a result, the Thai Baht exchange rate had
In May 1997, George Soros started shorting Thai Baht for U.S. dollar with a forward contract. As a result, the Thai Baht exchange rate had moved from 40.6 Bahts per dollar (May 1, 1997) to 31.1 Bahts per dollar (May 31, 1997) in a month. If George Soros had a short position of 22,000,000 Bahts forward contract at forward rate F(Baht/$)=52.2 on May 1, 1997, then his profit/loss in the forward trading would be $ on May 31, 1997. (Please keep the sign and two decimal numbers.)
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