foreign exchange risk:

1. transaction risk     exchange rate change during the  term of transaction 

mitigation    hedge

2. economic risk     longer time, the exchange rate may change due to the economic issues, 

mitigation by diverse

3. translation  cooliated  financial statement

hedge  technicial: forward contract, money market hedge (borrow and loan) 

IRP interest rate parity: R1=R0*(1+if)/(1+ih)

the steps to solve the question about futures:

step 1. buy or sell  identify contract transaction currency (pay or receive), then back to futures size in which currency. 

step 2. the date no early than transaction date, usually longer than contract term

step 3 number of contacts    = contract due amount/contract size  if the futures is on another currency ,then convert with the curent future price

step 4. do the transaction   using the spot rate

Step 5. close the future contract