A U.S. based MNC has just signed a contract with a Swiss company that calls for the U.S. MNC to provide the Swiss company with a variety of consumer goods over a three-month period that entails payments in Swiss francs (SF). The current dollar value of the SF contract is $286 million based on the current exchange rate of $1.0832/SF. At the same time the U.S. company signs a three-month contract with another Swiss company to buy supplies for three-month delivery and agrees to settle its bill in Swiss francs. The dollar value of the SF contract is $91.024 million, also base on the same exchange rate. At the same time, the U.S. MNC signs a contract to export its consumer goods to Saudi Arabia and receive payment in Saudi riyals (SR) in three months. The dollar value of the Saudi riyal contract is $81 million (Saudi Arabia pegs its currency value to the dollar at the fixed rate of $0.2700/SR). The U.S.-based MNC is particularly worried about a high degree of uncertainty in the foreign exchange markets. So, it decides to evaluate its hedging alternatives. The following information is available:

Spot : $1.0832/SF Bid $1.0896/SF Ask

SF3-month forward $1.0883/SF Bid $1.0894/SF Ask

SF6-month forward $1.0889/SF Bid $1.0894/SF Ask

SR 3-month Forward* $0.2688/SR Bid $0.2712/SR Ak

SF 3-month futures $1.0884/SF Bid $1.0888/SF Ask

SF 90-day call option #1 $1.1010/SF strike $0.0146/SF premium

SF 90-day put option #1 $1.1010/SF strike $0.0120/SF premium

SF 180-day call option #2 $1.1020/SF strike $0.0242/SF premium

SF 180-day put option #2 $1.1020/SF strike $0.0312/SF premium

90-day dollar interest rate 5.20% p.a. (deposit) 7.20% p.a. (loan)

90-day SF interest rate 4.60% p.a. (deposit) 5.80% p.a. (loan)

90-day Saudi interest rate 0% p.a. (deposit) 0% p.a. (loan)

* Only Forward contracts are available on the SR (no futures and no options).

Specify exactly what your exposure is (currencies and amounts). List (only list) all the hedging instruments that you should consider.