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Currently, the 120-day USD/TRY forward rate is trading at 7.1764. the corresponding USD interest rate is 2.90% and the TRY interest rate is 12.30%. Then

Currently, the 120-day USD/TRY forward rate is trading at 7.1764. the corresponding USD interest rate is 2.90% and the TRY interest rate is 12.30%.

Then the arbitrage-free USD/TRY spot rate should be _

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