A put option gives the buyer the right, but not the obligation, to sell the underlying asset (in this case, the US dollar) at the exercise price (in dirhams).
In this scenario, the spot price of the US dollar against the dirham is 9dh/$, and the exercise price in the put option is 9.2dh/$. This means that the buyer of the put option has the right to sell US dollars for 9.2 dirhams per dollar, even if the spot price drops below that level.
The premium for the put option is 0.4dh/$, which means that the buyer pays 0.4 dirhams per dollar to the seller of the put option for the right to sell US dollars at the exercise price of 9.2 dirhams per dollar.
If the spot price of the US dollar against the dirham drops below the exercise price of 9.2dh/$, the buyer of the put option can exercise their right to sell US dollars at the higher exercise price of 9.2dh/$, making a profit on the trade.
On the other hand, if the spot price of the US dollar remains above the exercise price, the buyer of the put option may choose not to exercise their right to sell at the lower price, and they will lose the premium they paid for the option.
Therefore, the buyer of the put option is hoping that the spot price of the US dollar against the dirham will drop below the exercise price of 9.2dh/$, so that they can sell their US dollars at the higher exercise price and make a profit.