Forward contact was the hedging instrument for exporter who had to transfer foreigner exchange to
Thai Baht. The economic indicators had effect on exchange rates fluctuated, thus exchange rate
fluctuation would make risky for receiving income of exporter and could make profit or loss of exchange
rate also. Changes in the exchange rate could have a powerful effect on the economy, but these effects
took time to show through Salami and Arawomo (2013)