When exchange rates change

		none of the options
		the value of a foreign subsidiary's foreign currency denominated assets and liabilities change when redenominated into the home currency.
		the value of a foreign subsidiary's foreign currency denominated assets and liabilities change to new numbers still denominated in the foreign currency.
		hedging should be done after the change.

The hedge ratio Sd(ud)CctCT Is related to the number of options that an investor can write without unlimited loss while holding a certain amount of the underlying asset. all of the options Is the size of the long (short) position the investor must have in the underlying asset per option the investor must write (buy) to have a riskfree offsetting investment that will result in the investor perfectly hedging the option