The answer is 4 - None of the options

i) Exchange Rate Exposure - This exposure includes the risk that the foreign exchange rate might increase or decrease due to fluctuations when the transactions been entered is denominated in soe foreign currency .

ii) Economic Exposure - This includes the effect of the currency fluctuations on a entity due to competition . For example, X company sells to customers in India itself , but may face the risk of loss of sale due to the imports from other countries , there is a possibility of the goods becoming cheaper when the Indian Rupee becomes stronger.

iii) Translation Exposure - This includes the risk that company's assets and liabilities value might change due to exchange fluctuations . For example , The creditors and debtors when we deal with foreign parties in foreign currencies