Sydney based Australian construction company CPB contractors has placed an order for procurement of high$-$grade Type $440($with more carbon$)3$ million Metric Tonnes of Steel from a leading Indian Steel Manufacturing Company Bharat Ratan Steel Limited on $15$th June $2023.$ The order value is invoiced as $300,000$ US Dollars. The Spot rate on the date of invoiced stood as follows:

INR$/$USD : $83\mathrm{.}5$

AUD$/$USD : $1\mathrm{.}51$

The date of expected settlement is $3$ months hence. The forex markets experts are of the opinion that Australian Dollar may appreciate by $3$ percent whereas the Indian Rupee may depreciate by $5$ percent during this period against the US Dollar. What positions should CPB Contractors and Bharat Ratan Steel should take to minimize their risk arising from exchange rate fluctuations?

Give reasons in support of your answer.