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basis means: O forward price-future price spot price-forward price spot price-future price forward price-spot price mr. x imported goods at an invoice price of euro 420 at a time when the eur/in rate is 65, with a credit facility for 180 days after 180 days, the exchange rate becomes eur1 = inr 72 the value of purchases initially was inr 27.300 which has gone up to inr 30.240 due to exchange fluctuation calculate transaction exposure. loss rs. 2490 loss rs. 2940 O gain rs. 2490 O gain rs 2940 hedging is an imprecise activity, so long-term exposures O are generally ignored. O are less prone to error than transaction exposure. are easier to hedge since there is more time to adjust for unforeseen circumstances are more difficult to hedge effectively because the longer the term, the less precise the hedge