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Risk is as old as civilization. Risk is unique because it cannot be eliminated; but managed. Globalization has led to the interdependency of nations, thus, increasing exposure to exchange rate volatility. The volatility of the exchange rates leads to currency risk in all transactions in a foreign currency. The most significant way to manage the currency risk is the use of currency derivatives. This paper not only explores the various aspects of currency risk but also provides luciddoi:10.5281/zenodo.4698540 fatcat:g6x4ao6y3jethony6vhlvi2ura