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 $