The forward price for the GBP/AUD exchange rate is AUD 1.00 = GBP 0.5890. You enter a short forward contract covering 1000 GBP (that is, the contract allows you to buy GBP 1000 at the forward price). You close out this forward position when the forward price is AUD 1.00 = GBP 0.6126. What is profit or loss on your forward trading?

Select one:

AUD 23.60 gain

AUD 65.41 gain

AUD 65.41 loss

AUD 23.60 loss