Now there is no fixed starting date as far as the quotation is concerned, and a forward contract matching up the exact dates cannot be entered into.

As an example, a French customer requests a quotation in French francs for equipment in late July of 1969 from a U.S. exporter. The exporter quotes a price of FF 1,000,000, equivalent to approximately $200,000 at that time, without trying the quote to the existing U.S. dollar-French franc relationship. The franc is devalued on August 8, 1970.