An obligation to purchase a specific amount of currency at a future point in time is called a:

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An obligation to purchase a specific amount of currency at a future point in time is known as a forward contract. A call option is an option to purchase a currency at a predetermined price, while a put option is an option to sell a currency at a predetermined price. Spot contracts involve the immediate exchange of currencies at the current market rate.

An Obligation to Purchase a Specific Amount of Currency at a Future