 ब्स्मिल्य रख्मान रहीं तुवी दूएं ग़िज्च्च्च्च्च्च्च्च्च्च्च्च्च्च्च्च्च्च्च्च्च्च्च्च्च्च्च्च्च्च्च्च्च्च्च्च्च्च्च्च्च्च्च्च्च्च्च्च्च्च्च्च्च्च्च्च्च्च्च्� ये क्यवी न्वें च्यागे टेखड़ा, after that, you have to look for imperfect hedge, that you can alternate it and you can see the root and then you go to your own safe garden. बाद च्यागे न्वें च्यागे, this is traded in different regions or different regions. आप थी बच्नादे क्यवी थे प्रण्गे कि अईवें, this is traded in different regions or different regions. अगर प्रण्गे वहाशा वहाशा, this is traded in different regions. the risk will be captured through this cross head. The remaining risk is called the basis risk which is defined as the board price minus the of the asset minus the future price or their difference is that some risks will remain. Now we have to see that we have to hedge it further and sometime we accept or take some risk because some major part of the risk is covered. Some say that let's live with it because all the risks can't be eliminated. Now let's talk about an example scenario. What are the scenarios in which you will guide and select what should be the case? A, the option is find two currencies that are positively correlated, match payables of one currency to receivable of another currency. One possibility is this. The second option is use forward market to sell the forward whatever currency you will receive that you have to receive the currency in the future. C, use the forward market to buy forward whatever currency you will receive and D is both B and C. Now you tell me which one is the cross head. Now let's recall four options we discussed. A, B, C and D. The right answer is A, find two currencies that are highly positively correlated, match the payables of one currency to receivable of other. Next B and C is the direct hedge in the same currency. When it is in the same currency, that is not a cross hedge. That is its true hedge. And this situation happens when that option is not available. Like I had given an example that your Japanese yen is being exploited and its product is not available. So then you have to go to dollars. So you see the Japanese yen or dollars position and then take the position to safeguard it. Another case, forward company has one million euro as a receivable due in 30 days and is certain that euro will depreciate substantially over that time. Now they have to receive so much amount and their risk is that this can change. Assuming that firm is correct, the ideal strategy is, now what strategy can we take? Sell euro forward, purchase euro currency put option, purchase euro currency call option, purchase euro forwards, remain un-hedged. In this case, we just want to take your understanding that what you have with respect to understanding. Situation, let me show you again that we have one million euro receivable in 30 days and you have to select it out of these options. So map it in your mind, if the paper is near, then note it down and then think what could be the case. G, right answer is option A. What was option A? Sell euro forwards. Because you have to receive it in the future, if you are in the position of sell, then you will be able to give it to them and your own position is safeguarded. If this is not available in euro, then you should in case of cross hedge, then you have to look for some alternate. So you should understand that in which situation we have to take which position, we should recall that we have confidence in which position we will be taking. Your company will receive another case for you. Your company will receive Canadian $600,000 in 90 days. The 90 day forward contract in Canadian US dollar is $0.8. If you use forward hedge, you will. G, its data clear. Now what options we have? Receive $750 today. Receive $750 in 90 days. Pay $750 in 90 days. Receive $480. Receive $480 in 90 days. Because conversion $0.8 will be received in 90 days. So correct answer is E. So you have to see carefully which currency is converging rate. And at the same time what position we will be taking in our particular domain. That we have to be long or short in this position. So that should be very clearly done. He called you. Thank you.