money market hedge

Please do correct me if I wrote something wrong related to the money market hedge. I’ve watched your lecture & took every calculation steps from there!

Steps in receivable:
1) Borrow Foreign Currency Now
2) Convert to Local Currency at spot rate
3) Deposit Local Currency

In 3-months time:
we receive $5m from customer — repay $5m borrowing (in step 1)
deposit € matures — we receive deposit + interest

Steps in payment:
1) Deposit Foreign Currency
2) Convert to Local Currency at spot rate
3) Borrow Foreign Currency Now

Although we have to borrow $5m Foreign Currency in order to convert them at spot rate – it is just that in case of payment we have to do calculation backward.

In 3-months time:
we pay $5m to supplier — repay $5m borrowing (in step 3)
deposit $ matures — we pay $5m to supplier

Also, Is that correct that we can calculate Forward rate like:

Forward rate = Receipt or Payment $ / Money Market Hedge $