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The direct approach is wrong.
Gain in the Local Currency - Gain in Foreign currency = Currency Contrib.
1. Here you are SKR Investor. So,
you need to do Skr Return of Stock - $ Return of Same stock - to find the Currency contrib.
SKR Return = (702-600)/600 = 17%
$ Return = [(702/5.4)-(600/6)]/(600/6) = 30%
so Currency Contrib = 17% - 30% = -13%
Problem 2: You are a US Investor. You need to do
USD Return of Japanese Stocks - Yen Return on Japanese Stocks
USD Return on Japanese Shares = (20952-20000)/20000 = 4.76%
Yen Return on Jap Stocks = (2200-2000)/2000 = 10%
so Currency Contrib of jap stocks = 4.76 - 10 = -5.24%

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