Which financial instrument provides a buyer the right to purchase or sell a fixed amount of currency at a prearranged price,within a few days to a couple of years?

Question

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A foreign currency option provides the buyer with the right, but not the obligation, to purchase or sell a fixed amount of currency at a prearranged price within a specified time period. This allows the buyer to hedge against currency fluctuations and manage their foreign exchange risk. A letter of credit is a payment method used in international trade, a cable transfer is a method of electronically transferring funds, and a bill of exchange is a legal document used to request payment for goods or services.

Which Financial Instrument Provides a Buyer the Right to Purchase