Apex Company, a computer chip manufacturer, has sold computer chips to customers in Thailand on March 1 and will receive Thai baht (THB) 5 million on April 28. The exchange rates on March 1 are THB 1 = INR 1.4092 and USD 1 = INR 45.3462. The correlation between the Thai baht and the U.S. dollar is estimated as 0.97. The standard deviation of THB-INR exchange rate is 0.53 and that of USD-INR futures is 2.35. Explain how you would hedge the Thai baht exchange rate risk? The USD-INR futures with expiry on April 28 are priced at INR 45.5387.