Which form of arbitrage is considered the most important in the foreign-exchange market?

Name: Which form of arbitrage is considered the most important in the foreign-exchange market?
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Question

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Covered interest arbitrage is considered the most important in the foreign-exchange market because it involves taking advantage of the interest rate differentials between countries while hedging against exchange rate risk, which is a common and significant aspect of trading and investing in the foreign exchange market.

Which Form of Arbitrage Is Considered the Most Important in the Foreign-Exchange