What is the premium or discount between the spot rate and the three months forward rate for the Swiss Franc on February 25,2013? What does this imply about the future spot rate for Swiss Franc See the tables 1.1 and 1.2 below :

TABLE 1.1

SPOT FOREIGN EXCHANGE RATES (DIRECT QUOTES)

			EXCHANGE	RATE(US DOLLAR)
S.NO.	COUNTRY	CURRENCY	FEB RUARY 25,2013	NOVEMBER 18,2015
1	Australia	Dollar	1.0258	0.7111
2	U.K.	Pound	1.5165	1.5236
3	Canada	Dollar	0.9745	0.7517
4	India	Rupee	0..01845	0.01514
5	Japan	Yen	0.010891	0.008088
6	South Africa	Rand	0.1129	0.0706
7	Switzerland	Franc	1.0728	0.9805
8	Eurozone	Euro	1.3062	1.0660

TABLE 1.2

FORWARD FOREIGN EXCHANGE RATES

EXCHANGE RATE (US $) FEBUARY 25,2013

CURRENCY	1-MONTH FORWARD	3-MONTH FORWARD	6-MONTH FORWARD
U.K.POUND	$1.5162	$1.5158	$1.5152
JAPANESE YEN	$0.010893	0.010898	$0.010908
SWISS FRANC	$1.0731	$1.0739	$1.0752

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