Bhawal Steel Agency, are engaged in the manufacturing, supplying, exporting and importing of a wide range of Stainless Steel products. etc from Brazil and Slovak Republic and exports such products to Singapore and Australia after processing. The company has receivables of SGD3,50,000 and payables of AUD$2,45,00 three months from now. The following rates exchanges rates are available in the market: Exchanges Rates Spot Three month forward */ SGD 46.9580 - 47.0080 47.0680 - 47.0880 /AUD$ 49.6825 - 49.7025 49.7225-49.7425 The current rates (per annum) are as under Maturity 3 months Rupee (%) SGD(%) AUD$(%) 7.00/8.00 3.00/3.20 5.00/5.20 The company is considering to cover the cover the exposure either through the forward market money market. You are required to advise the company as to which alternative should be better for covering both the payable and receivable