Which of the following statements is correct? a) The historical rate is the exchange rate on the date of the transaction and the closing rate is the exchange rate at the end of the reporting period. b) The historical rate is the exchange rate on the date of the transaction and the closing rate is the rate on which any hedge transactions mature. c) The spot rate is the rate on the date of the transaction and the relevant forward rate is the exchange rate used at the end of the reporting period. d) None of the above are correct.