The US dollar (USD) to Brazilian real (BRL) spot exchange rate was 0.5793 USD/ BRL on September 21, 2010. By January 17, 2011 it had moved to 0.5934 USD/ BRL. The 30-day forward rate then was 0.6039 USD/ BRL.
1. Calculate the appreciation/ depreciation of the BRL versus the USD. Did the BRL appreciate or depreciate against the USD?
2. What were the forward premium/ discount on the BRL versus USD?