t can be assumed that the date today is 1 March 2016. It is expected that Lirio Co will receive Euro () 20 million in three months time from the sale of its investment. The has continued to remain weak, while the $ has continued to remain strong through 2015 and the start of 2016. The financial press has also reported that there may be a permanent shift in the /$ exchange rate, with firms facing economic exposure. Lirio Co has decided to hedge the receipt using one of currency forward contracts, currency futures contracts or currency options contracts. The following exchange contracts and rates are available to Lirio Co. $ Per 1 Spot rates $11585 $11618 Three-month forward rates $11559 $11601 Currency futures (contract size $125,000, quotation: per $1) March futures 08638 June futures 08656 In the above scenario, what rate we would use in order to find out the amount that will be received on the date of transaction, i.e. in three months time?