Which of the following statements is correct? Multiple Choice The spot rate is the rate on the date of the transaction and the relevant forward tate is the exchange rate used at the end of the reporting period The average rate is the exchange rate used for all transactions on transaction date 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 ceporting period 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