On December 17 (today) tombstone submits a bid on a project in Mexico, which is denominated in Mexican pesos. The company will not know whether it won the contract until May 15, and if it wins then this will generate a Mexican peso receivable for this U.S. company. How can tomston manage this exchange rate risk?

Sell the Peso amount of the bid forward for U.S. dollars.

Buy Pesos forward in the amount of the contract.

Sell (write) a call option on Pesos in the amount of the Peso exposure.

Buy a put option on Pesos in the amount of the Peso exposure.