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The US dollar (USD) to Thai baht (THB) spot exchange rate was 100 USD = 3231.78 THB in September 2018. By January 2019 it had

The US dollar (USD) to Thai baht (THB) spot exchange rate was 100 USD = 3231.78 THB in September 2018. By January 2019 it had moved to 100 USD = 3118.74 THB. The 30-day forward rate then was 100 USD = 3198.70 THB.

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

ii. What was the interest rate differential between the two currencies in January 2019?

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