Identify the true statement about currency arbitrage.

a$.$ Currency arbitrage does not require currency markets.

b$.$ There is a currency arbitrage opportunity when forward rates can

be replicated with a strategy that combines currency spot market

and the money markets of both the home country and the foreign

country.

c$.$ Triangular currency arbitrage requires exploiting three different

currencies in a way that we can sell a foreign currency at a higher

price than the price we accept to buy the same foreign currency.

d$.$ Currency arbitrage only requires one transaction. Either selling or

buying.

e$.$ None of the above.