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International Treasurer for Navarro, and was leading the effort at establishing commercial policies for the new subsidiary. movements and simulate the invoicing and hedging alternatives available to Navarro to try and characterize the choices. $1.0648/, with the 90-day forward rate quoted at $1.0944/ the same day. The quarter had closed with a spot rate of $1.0615/. b. Which unit would have suffered the gain (loss) on currency exchange if intra-company sales were invoiced in euros ( ), assuming both completely unhedged and fully hedged? below.) hedged. hedged hedged