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Consider the following quotes on the Israeli New Shekel (ILS) and the U.S. Dollar (USD): Spot exchange rate 3-months 6-months 9-months ILS3.05-3.13/USD ILS3.19-3.20/USD ILS3.31-3.45/USD ILS3.61-3.89/USD

Consider the following quotes on the Israeli New Shekel (ILS) and the U.S. Dollar (USD):

Spot exchange rate	3-months	6-months	9-months
ILS3.05-3.13/USD	ILS3.19-3.20/USD	ILS3.31-3.45/USD	ILS3.61-3.89/USD

Suppose that you are a U.S.-based trader and would like to enter a forward-forward forex swap into Israeli New Shekel worth USD1,000,000 in three months time for six months. Calculate and explain the cash flows associated with this swap transaction.

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