BASIS FOR CURRENCY FUTURES

The lock-in rate on 31 October will be the same as the futures price on 31 July. This is not because the futures price on 31 October will equal the lock-in rate, but because the net effect of converting the transaction at spot together with the gain or loss on the futures will be the lock-in rate. However, is this a past exam question (and if so, which one), because it is not realistic at all for the basis to be zero on 31 October :-)