You are an importer who imports goods worth $ 500000 in every 3 months. You need to pay this amount at the end of every quarter. For having certain cash out flows you use to book a forward rate at the start of every quarter, with the bank. The spot rate at the start of first quarter is 1$ = 71.26 Rs. On the same day bank quoted the forward rate as 1$ = 70.75 Rs. Under non deliverable forwards. At the end of the quarter the spot rate is 1$ = 72.37 Rs. The contract will be settled, for how much amount, and who will pay to whom? (05 Marks)