b) A Malaysian importer has entered into a contract under which it will require payment in AUD in one month. The company is concerned at its exposure to foreign exchange risk and decides to enter into a forward exchange contract with its bank. Given the following data, calculate the forward rate offered by the bank. Both countries use a 360-day year; assume 30-day contract.

MYR/AUD 1.6117-62

One-month Malaysian interest rate: 5.21% p.a. One-month Australian interest rate: 3.78% p.a.