Another problem was foreign speculation. Aware of Thailand's economic problems and its currency basket exchange rate, foreign speculators (including hedge funds) were certain that the government would again devalue the baht, under pressure on both the spot and forward markets. In the spot market, to force devaluation, speculators took out loans in baht and made loans in dollars. In the forward market, speculators (believing that the baht would soon be devalued) bet against the currency by contracting with dealers who would give dollars in return for an agreement to repay a specific amount of baht several months in the future.