Which statement best describes a forward exchange contract? A contract between two parties that is settled with foreign currency at the current market rate. O b. An agreement to settle a foreign currency denominated receivable or payable on a specified date at the current market rate. O c. An agreement between the bank and customer to exchange currencies on a specified future date at the spot rate in effect at that time. O d. An agreement between the bank and customer to exchange currencies on a specified future date at a specified rate that is agreed upon today.

Which statement best describes a forward exchange contract? a. A contract between two parties that is settled with foreign currency at the current market rate. b. An agreement to settle a foreign currency denominated receivable or payable on a specified date at the current market rate. c. An agreement between the bank and customer to exchange currencies on a specified future date at the spot rate in effect at that time. d. An agreement between the bank and customer to exchange currencies on a specified future date at a specified rate that is agreed upon today