How can Rupert hedge his dollar exposure with a currency futures contract? What is the difference between a futures contract and a forward contract? Does the currency futures contract need to be traded on an Australian exchange? How can Rupert replicate a long forward position with a money market hedge? What is the likely cow of such a hedge compared with a currency forward hedge? How can Rupert hedge his dollar exposure with a currency option? Suppose Rupert expects a dollar exposure of about $5 million every three months until his distribution contract with Anheuser-Busch expires in five years. How can Rupert hedge his dollar exposure with a currency swap